In a recent interview with Proactive, Craig Foster, CEO of Ondo InsurTech PLC (LSE:ONDO), shared insights into the company's ambitious plans to scale its LeakBot device across the U.S. insurance market.
LeakBot is a smart sensor that attaches directly to household plumbing, helping to detect hidden leaks before they cause costly water damage- a problem that costs US insurers over $20 billion annually.
Designed to be distributed directly to homeowners via their insurance providers, LeakBot not only identifies leaks but also includes a complimentary plumbing service to address issues at no extra cost to policyholders.
Foster highlighted the company’s success over the past year, including partnerships with five major US insurers and expansion into four states.
To meet increasing demand, Ondo has boosted production capacity from 10,000 to 40,000 units per month, positioning LeakBot as a potential industry standard in proactive water damage prevention technology for U.S. homes.
Proactive: Can you give us a quick overview of the LeakBot device and what it’s designed to do?
Foster: LeakBot is our solution to a major problem: water damage in homes. US insurers spend around $20 billion each year on repairs from water leaks that often go undetected until they cause serious damage. LeakBot helps prevent this by catching those leaks early.
It's specifically aimed at insurers who want to proactively protect their policyholders’ homes.
Proactive: So how does LeakBot actually work? Is it a sensor?
Foster: Yes, exactly. LeakBot is a sensor that clips directly onto a pipe in the home. It’s easy for homeowners to install themselves, and they get it for free from their insurer. If a leak is detected, we also provide an in-home plumbing service to fix the underlying issue at no additional cost to the homeowner. The insurance company pays us a recurring fee for offering this complete solution to their customers.
Proactive: Recently, you mentioned some exciting developments with U.S. insurance companies. Could you share more about those?
Foster: Over the past year, we’ve made significant headway in the US. We’ve partnered with five major insurance providers and launched in four states. Based on the success we've seen, we’re ramping up production- from 10,000 to 40,000 units a month. We're also in advanced discussions with additional insurers and expanding our work with current partners.
Proactive: That's a big jump in production. Do you see this as a transformative period for Ondo?
Foster: Definitely. The US market is huge, and we’re hitting it at the right time. There's actually a similar device called Ting that prevents fires in homes, and it grew from protecting 100,000 homes to one million. We believe LeakBot has that same potential for water damage prevention, and there’s no reason we can’t reach similar numbers.
Proactive: Well, it’s a critical issue- no one wants to come home to water damage. Congratulations on the progress, Craig. We’ll be following your journey closely.