Ondo InsurTech PLC (LSE:ONDO) has secured a new contract with Selective Insurance to expand its LeakBot technology to four additional US states. Following a successful launch in New Jersey earlier this year, the rollout will now include Virginia, Pennsylvania, Indiana, and Ohio.
This follows exactly two weeks after a landmark deal with Nationwide Mutual Insurance, one of the biggest property and casualty in the US, to roll out the technology to 16 states.
LeakBot, a device designed to detect water leaks and prevent costly home insurance claims, will be offered to eligible homeowners insured by Selective. This expansion forms part of Selective’s strategy to enhance its risk management services for policyholders.
The latest contract is structured to cover the working capital needed for the rollout, aligning with Ondo’s approach to other commercial agreements.
CEO Craig Foster called the deal 'another significant step' in Ondo's US expansion.
"Following the successful launch in New Jersey, we're delighted to see Selective scaling the rollout to Virginia, Pennsylvania, Indiana, and Ohio. With LeakBot now reaching homeowners in a total of 18 states through our US partners, we are delivering tangible value by preventing costly claims and enhancing policyholder satisfaction," he said.
"This expansion highlights the growing confidence in our technology among US insurance carriers."