London-listed Ondo Insurtech has struck an alliance with LB Forsikring to additional the distribution of its LeakBot claims prevention know-how in Demark.
LeakBot, designed to avert water injury claims, is a patented, self-install gadget that connects to residence networks.
It alerts householders about leaks through a cellular app and provides entry to engineering help.
Previously 14 months, LB Forsikring, a Danish mutual insurance coverage firm, has rolled out practically 10,000 LeakBot gadgets.
With the brand new deal, it has dedicated to an extra order of seven,500 LeakBot items for distribution within the first quarter of 2024.
In line with Ondo, water injury is the main reason for residence insurance coverage claims, with an annual value of $17bn (£13.38bn) within the US and UK markets.
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LB Forsikring innovation hub LBeta head Sune Bille Larsen mentioned: “We proceed to see an important alternative with LeakBot to scale back the danger of escape of water claims for us and our members.
“Our members have been very engaged with LeakBot up to now, with take-up charges exceeding our expectations. We’re wanting ahead to offering extra members with the added worth of a LeakBot.”
Ondo InsurTech CEO Craig Foster mentioned: “Our Danish shoppers proceed to broaden the roll out to their prospects and this new order exhibits the dedication LB Forsikring has to distributing LeakBot to extra of their members, following the wonderful take-up charges demonstrated up to now.
“We sit up for working with them on the roll out of those extra LeakBots within the coming months.”
In November 2023, Ondo reached an identical partnership with US insurer Nationwide.
Apart from Nationwide and LB Forsikring, Ondo has entered tie-ups with insurance coverage carriers similar to Admiral, Direct Line Group, Hiscox, Länsförsäkringar and Topdanmark within the US and Europe.
