Ondo InsurTech PLC (LSE:ONDO) has announced its latest contract win with a U.S. super-regional insurer, highlighting its ability to execute its expansion plan into the States.
This unnamed company oversees more than US$2 billion in personal lines home, motor, and umbrella insurance policies.
Beginning in the third quarter of 2024, the new customer will start deploying LeakBot, Ondo's claims prevention technology, to their customers in New Jersey.
LeakBot, which offers a sensor and repair service to detect and fix water leaks, will be provided free of charge to the insurer's customers.
This marks the second insurer to introduce LeakBot in New Jersey and the fifth in the United States over the past year.
Craig Foster, Ondo's CEO, said: "We are thrilled to partner with another well-respected U.S. insurance brand and look forward to doing a great job for their homeowners starting in New Jersey where we are already fully operational."
On Monday, Ondo revealed its LeakBot had launched with new partners in four US states and with four new US insurance groups.
Foster said it was “particularly exciting” to see the group break into the US market.
“There are some leading indicators in the results that point to where we are headed as we lay the foundation for US-powered growth," he added.