Ondo InsurTech PLC (LSE:ONDO) has signed a third customer in Denmark, with Privatsikring now agreeing to supply LeakBot products to its non-life insurance customers.
Privatsikring will offer LeakBot for free, with repair services also provided by Ondo in Denmark.
LeakBot is Ondo’s system to detect water leaks in a property and is already being used by nine global insurance companies, two of which are Danish - TopDanmark and LB Forsikring
TopDanmark has been nominated for a Danish Digital Award for its use of LeakBot, with 10,000 units now installed in customers’ homes, saving 3mln litres of water and an estimated 25% in damage claims.
Craig Foster, Ondo InsurTech. CEO said: "Denmark has so far been a great market for LeakBot with both insurers and Danish homeowners finding a huge amount of value in the technology and service.
“We are pleased to announce Privatsikring as our third insurance partner here and look forward to a long collaboration with the team."
Helle Kjærgaard, Privatsikring’s CEO, added LeakBot would not only reduce claims costs but “will also add value to our policyholders and help to prevent water loss."
Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined.