Ondo InsurTech PLC (LSE:ONDO), the insurance firm focused on water damage prevention, said it has signed a five-year-deal with Swedish customer Länsförsäkringar Trygghetstjänster (LFTT).
LeakBot, Ondo’s water damage prevention device, will now be rolled out across the European group’s operations in Sweden, the company said in a statement.
Länsförsäkringar, Sweden’s largest non-life insurer, will package LeakBot to its two million customers as part of a wider product offering.
The European company is using the device to help support a push into new regions in Sweden.
Andreas Fahlstadt, head of business at the Swedish firm, said: “Existing LeakBot activity has proven very popular across the Länsförsäkringar Group and we look forward to working with LeakBot.”
In a pilot test in the Södermanlandn region, Leakbot delivered a “40% penetration of addressable customers” and increased new home insurance sales by 50%.
Should Ondo’s offering have a similar effect on the rest of the company it could result in over £30mln in revenue for the British firm.
Craig Foster, chief executive officer at Ondo InsurTech, said: “We are thrilled to have the opportunity to put our technology into homes across Sweden … reducing escape of water claims and protecting both houses and the environment.”