Ondo InsurTech PLC (LSE:ONDO) has won a contract renewal with FTSE 250-listed insurance group Hiscox, an early adopter of its Leakbot water leakage monitor.
With the pair having been working together for three years, the specialist insurer will now continue to offer the system to new and existing customers around the UK.
Hiscox, which has over 60,000 home insurance policies on its books, plans to roll out the Leakbot system to more of its customers, said Ondo.
Cheralyn Perry, head private clients distribution at Hiscox, said the device has helped the company’s customers “minimise the frequency of leaks and the impact of any water damage for a while now” and added that “the results so far have been excellent”.
A Consumer Intelligence report earlier this year found insurers save 70% in water damage claims by introducing LeakBot.