Ondo InsurTech PLC (LSE:ONDO), the claims prevention technology company, has announced that it is developing a new version of its LeakBot product for Australia and New Zealand.
The new version of LeakBot will be specifically designed for the Australian market, where the plumbing is different from the UK.
Ondo InsurTech signed a deal with IAG, the largest general insurer in Australia and New Zealand, to fund the development last week.
Craig Foster, chief executive officer at Ondo told Proactive: “We didn't think the product as it exists today would work.
IAG said they would be willing to fully fund the R&D for a slightly different version, Foster added.
“In return, once we've done the proof of concept, they can have a period of exclusivity for Australia and for New Zealand.”
The new version of LeakBot may also be applicable in other hot climates, such as Southern Europe.
"We are excited about the potential of this new product," said Foster.
He believes that it has the potential to make a significant impact on the way that water leaks are prevented in Australia and New Zealand, and potentially in other markets as well."
Shares in Ondo InsurTech are up 22% on Monday, having opened at just under 20p.