Ondo InsurTech PLC on Monday it signed a new five-year contract with a division Sweden’s largest non-life insurer Landsforsakringar to support the national rollout of LeakBot, a smart water leak alarm that spots hidden leaks before they become big problems.
Shares in Ondo InsurTech were up 19% to 22.00 pence each in London on Monday morning.
The London-based claims prevention technology firm for home insurers said the deal with Landsforsakringar Trygghetstjanster, a division of the Swedish insurer with around 2 million home insurance customers at risk from water damage claims, will allow for LeakBot to be embedded within a wider Lansforsakringar product offering, facilitating the continuing roll out to more regions across Sweden.
Ondo InsurTech said Lansforsakringar first tested LeakBot in the Sodermanland regional pilot, which delivered a 40% penetration of addressable policyholders and an impressive 50% increase in new home insurance sales, in addition to the prevention of water damage claims.
If LeakBot achieve the same results across the wider Lansforsakringar group, Ondo InsurTech claimed the total opportunity is worth over £30 million of revenue.
LeakBot is already live in four of Lansforsakringar’s 23 regional businesses, Ondo InsurTech said, with the other regions awaiting confirmation that the new five-year deal is in place before beginning further expansion.
‘Existing LeakBot activity has proven very popular across the Lansforsakringar group and we look forward to working with LeakBot on the opportunity to increase engagement and reduce escape of water claims over the coming years,’ said Andreas Fahlstadt, head of business and market at Lansforsakringar Sodermanland.
Ondo InsurTech Chief Executive Officer Craig Foster added: ‘We are thrilled to have the opportunity to put our technology into homes across Sweden through our growing partnership with the Lansforsakringar group, reducing escape of water claims and protecting both houses and the environment by fixing leaks and saving water across the country.’
In late June, Ondo InsurTech said it signed an exclusive deal with Firemark Collective to run a new LeakBot proof-of-concept pilot for Australia and New Zealand markets.
Firemark, the innovation and venturing arm of Australia and New Zealand-focused general insurance company Insurance Australia Group Ltd, chose LeakBot as its solution to help prevent water damage claims, Ondo InsurTech said.
Under this fully funded deal, Ondo InsurTech said the testing and development of an outside ‘All Weather’ version of the LeakBot product will be trialled over the next 12 months. All intellectual property created as part of the development will be owned by Ondo InsurTech.
In mid-June, Ondo InsurTech said it signed on for a temporary pilot programme with G4S Ltd, in order to test a potential business model for Leakbot in Denmark.
Over the course of the one-month programme, Ondo InsurTech said it would test whether G4S can use the offer of the installation of a free LeakBot to incentivise customers of an unnamed insurer to accept an in-home security assessment visit.
If successful, the ’Free LeakBot’ offer would be marketed to this insurer’s customers at scale, becoming a key part of G4S Shield’s customer growth activities in Denmark, Ondo InsurTech said.
In early June, Ondo InsurTech said it won a deal with Mutual of Enumclaw to distribute its LeakBot system to homeowner insurance customers in Washington State, US. Under the deal, it said Mutual of Enumclaw would deliver 10,000 devices for installation in its customers’ homes, with units expected to be installed in the six months starting from August.
Also in early June, Ondo InsurTech said results from the Portsmouth Water LeakBot pilot showed a 60% reduction in the number of leaks, calling for £100 million to install the technology across the UK.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
