Insurtech Ondo has signed an settlement with Selective Insurance coverage Group to supply LeakBot to its eligible owners policyholders.
London-based Onto is a pacesetter in water harm claims prevention expertise and can now work with the US-based property and casualty agency Selective.
Craig Foster, Ondo CEO, stated: “We’re happy so as to add one other well-known US insurer to our checklist of companions and we share the identical ambitions and aspirations as Selective – to make use of expertise to guard the houses of households and scale back the chance of property water harm.”
Allen Anderson, senior vice chairman, Private Traces, Selective, acknowledged: “We offer customised threat administration options to assist serve our prospects’ distinctive wants and actively search improvements that assist them mitigate threat. LeakBot’s modern expertise may help our prospects scale back the chance of water-related property harm.”
Earlier within the 12 months, Ondo struck an alliance with LB Forsikring to additional the distribution of its LeakBot claims prevention expertise in Demark.
LeakBot, designed to avert water harm claims, is a patented, self-install machine that connects to residence networks.
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It alerts owners about leaks through a cellular app and gives entry to engineering help.
Up to now 14 months, LB Forsikring, a Danish mutual insurance coverage firm, has rolled out almost 10,000 LeakBot units.
With the brand new deal, it has dedicated to a further order of seven,500 LeakBot models for distribution within the first quarter of 2024.
Non-public flood insurance coverage supplier Neptune Flood has additionally launched its extra flood insurance coverage product for residential, business and rental properties.
The Neptune extra flood coverage offers protection above the utmost restrict accessible via the Nationwide Flood Insurance coverage Program (NFIP). It additionally permits prospects to maintain their NFIP coverage if they’ve but to achieve their market price.
As well as, the Neptune extra product addresses protection gaps and protects in opposition to losses in extra of NFIP limits.
