Ondo InsurTech PLC (LSE:ONDO) said it signed an agreement with insurance provider Admiral to provide its LeakBot product to customers in the UK.
LeakBot measures air and pipe pressure and can detect any issues before it becomes a bigger problem and through the deal with Admiral, LeakBot will be supplied to 20,000 customers in the next six months.
Ondo, which is a claims prevention technology provider, said it in a statement that Admiral has become the first mainstream insurer to launch LeakBot in the UK.
It said the 20,000 Admiral customers to receive the LeakBot will be used to “scope out opportunity for a larger scale roll out across the Admiral book”, of which there are 1.3mln customers.
“We now have the evidence that we can significantly reduce claims costs for insurers and we look forward to working with the team at Admiral to apply our proven model to a wider customer base,” said Craig Foster, chief executive of Ondo InsurTech.