Ondo InsurTech PLC (LSE:ONDO) has agreed a further deal with Danish insurer LB Forsikring to distribute its LeakBot systems.
This has seen LB Forsikring order 7,500 of the insurance claim-preventing devices units to be distributed among its members over the coming months, Ondo said on Wednesday.
“We continue to see a great opportunity with LeakBot to reduce the risk of escape of water claims for us and our members,” LB Forsikring’s innovation hub head, Sune Bille Larsen, said.
LB Forsikring, Demark’s fourth-largest insurance company with 430,000 members, has already distributed an order for nearly 10,000 LeakBot units under an existing deal with Ondo, with these used to detect and prevent water leaks in homes.
“Our members have been very engaged with LeakBot so far, with take up rates exceeding our expectations,” Larsen added.
“We're looking forward to providing more members with the added value of a LeakBot.”
According to Ondo, the use of the plug in devices can reduce the cost of water damage by up to 70%, with such damage the main cause of home insurance claims.
“This new order shows the commitment LB Forsikring has to distributing LeakBot to more of their members following the excellent take up rates demonstrated so far,” Ondo chief executive Craig Foster commented.