Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster tells Proactive that new research suggests the commercial return of its LeakBot technology for insurance carriers is twice what was previously claimed. A study conducted by Consumer Intelligence found LeakBot, which is the company’s patented water pipe monitoring system that helps prevent water leaks from turning into insurance claims, can reduce the cost of water damage claims by up to 70%. The gadget resulted in a 39% reduction in the frequency of claims, the research found, with the remaining claims seeing a 50% reduction in the severity of claims.
Ondo InsurTech says new research shows LeakBot reduces frequency and cost of claims
