Ondo InsurTech PLC (LSE:ONDO) has secured a contract with NFU Mutual to introduce its LeakBot technology to the insurer's members - an initiative that will see 17,000 leak detection devices rolled out by the start of next year.
NFU, with over 900,000 customers, wants to reduce household water damage claims through this initiative. Depending on the success of the initial deployment, LeakBot could be expanded to more of the company's member base.
"This agreement with NFU Mutual demonstrates the impact of LeakBot's reputation for delivering on our commitment to reduce escape of water claims and for providing a quality service for our customers," said CEO Craig Foster.
"We look forward to working with NFU Mutual to help reduce their claims costs whilst improving customer experience and loyalty."
In a separate announcement, Ondo said its subsidiary, LeakBot USA, has been invited to join the IoT Insurance Observatory in the United States.
This influential think tank, which includes 10 of the top 25 American property and casualty insurers, focuses on the integration of internet of things (IoT) technologies in the insurance industry. Its members include heavy hitters such as State Farm, USAA, Travelers, and Nationwide.
Foster added: "The timing is perfect for our invitation to the IoT Observatory. We look forward to the opportunity to share case study results from our recent US deployments with fellow members".