Ondo InsurTech PLC (LSE:ONDO), the provider of claims prevention technology for home insurers, said it will begin rolling out its LeakBot device across the homes of thousands of members of Danish insurance company LB Forsikring in September this year.
LeakBot, Ondo's proprietary device, is a water pipe monitoring system that helps prevent water leaks. After a successful trial, which saw a 50% drop in claims, LB Forsikring has committed to roll out at least 10,000 devices to their 126,000-home insurance base in Denmark, with 3,000 being distributed before the end of 2022.
READ: Ondo InsurTech highlights rapid progress since March float
Craig Foster, CEO of Ondo InsurTech, said in a statement: "We're very pleased to be rolling out LeakBot across the LB Forsikring member base, following the success of our initial pilot. LB Forsikring's results to date support the evidence we have that we can significantly reduce claims costs for insurers. We look forward to working with the team at LB Forsikring to deliver the same levels of success across their wider book."
Sune Bille Larsen, head of LBeta, the innovation hub of LB Forsikring, said sadi water damage caused by hidden leaks is one of the company’s biggest claims causes.
“However, through our initial pilot with LeakBot, we've seen an opportunity to reduce the risk of escape of water claims using innovative technology and a customer centric solution. We're proud to be rolling out LeakBot across our member base and look forward to seeing the benefit we expect this to provide, to us and our members," Bille Larsen said.