Ondo InsurTech PLC (LSE:ONDO) said it signed an agreement with an insurance partner to market its LeakBot product to customers in New York.
LeakBot is Ondo’s water management security technology that can detect hidden water leaks in the home.
New York will become the third state where LeakBot technology is available after previous launches in New Jersey and Massachusetts.
According to a statement, the LeakBot will be offered for free through brand partners, with repair services also offered by Ondo.
The LeakBot device will be delivered and fitted with no additional charge to insured householders, with the insurer facing a reduction in the number and size of leak claims made, the statement said.
London-listed Ondo said its strategy is to accelerate roll-out by working directly with insurance providers.
In April, the company appointed Jim Strickland to spearhead the US expansion of LeakBot.
“With LeakBot we have a unique solution in the North American P&C [Property and Casualty] market that solves the problem of escape of water claims in a scalable way for US insurers,” said chief executive Craig Foster.
Ondo said water damage is the single biggest cause of home insurance claims, accounting for U$17bn of claims every year in the US and UK combined.