Ondo InsurTech PLC (LSE:ONDO) has announced the rollout of its LeakBot water damage prevention technology to Indiana Farm Bureau Insurance customers over the next twelve months.
It is being rolled out via a partnership with Peril Protect LLC, which will oversee the deployment of LeakBot to 10,000 home insurance policyholders in Indiana over the next 12 months.
Indiana Farm Bureau Insurance is a leading insurer in the state, writing over $200 million in premiums each year. It is offering LeakBot as part of its Smart Home Protection Program.
The rollout is bypassing the pilot phase that’s typical in this sector, which is a meaningful endorsement of LeakBot’s appeal.
"We are pleased to add Indiana Farm Bureau Insurance as our 20th insurance customer worldwide and sixth in the US,” Ondo InsurTech chief executive Craig Foster said in a statement.
“This is also a milestone in the US as it is the first time a US customer has gone straight to a programmatic rollout and skipped the pilot stage, given the already demonstrable results with other partners."
Peril Protect’s Isaiah Blackburn, meanwhile, added: “When it comes to a water event, early detection can be the difference between a minor inconvenience and a major loss.
“We're proud to work with LeakBot to offer Indiana Farm Bureau Insurance homeowners insurance customers technology to take a proactive approach in protecting their homes against water losses, so they can minimize the frustration that comes with filing a claim, remediation and repairs - not to mention the disruption to daily life."