London-listed Ondo InsurTech has picked up a deal in Denmark that sees the rollout of its LeakBot across thousands of LB Forsikring members.
Ondo offers claims prevention technology for home insurers. LeakBot is its IoT solution, which counts Hiscox, GEICO and Direct Line as customers.
Following a trial of 1,000 LeakBots, “which has seen a 50% reduction in claims so far”, Denmark’s largest member-owned insurance company LB Forsikring has committed to rolling out at least 10,000 devices to its 126,000 home insurance base in Denmark, with 3,000 being distributed before the end of 2022.
The new product deployment will begin in September 2022 and LB members will get a free LeakBot device and free repairs from a LeakBot plumber.
Sune Bille Larsen, Head of LBeta, the innovation hub of LB Forsikring, says: “Water damage caused by hidden leaks is one of our biggest claims causes, with increasing risk due to the cost of homes. 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.”
- What Can Insurance Learn from Other Industries? An educational op-ed is here
According to Ondo, its proprietary device LeakBot can be self-installed by homeowners, who clip it onto their mains pipe and download an app that tracks air and water temperatures. A leak draws colder water from outside and creates a consistent drop in temperature. Customers are alerted to any leaks found.
It seems Ondo is doing quite well with the deals and expansion plans – and is not destined for a watery grave.
Last month the tech firm bagged an admirable deal with Admiral to introduce LeakBot to 20,000 customers over the next six months.
In the US it is doing a pilot with Mapfre in Massachusetts, which follows on from April when it expanded into the State of New York.
That said, in its financial results for the period ended 28 February 2022, Ondo reported a loss before income tax of £580,000. Net cash flows from financing activities stood at £2.16 million.
Ondo points out that the accounting period to the end of February 2022 is prior to the reverse takeover of LeakBot which took place in March 2022, and therefore does not contain consolidated results. The reverse takeover was agreed between Spinnaker Acquisitions and Labs, a subsidiary of HomeServe.
