Ondo InsurTech signs "very material" five-year LeakBot deal in Sweden
London, UK
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July 11, 2023 06:28 AM Eastern Daylight Time
Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after announcing the signing of another contract to supply the company's Leakbot water leak detection device to a major insurer. The five-year deal with Sweden's Länsförsäkringar Trygghetstjänster (LFTT) follows a successful pilot scheme in the country and will run for five years. Foster says the deal is "very material" for Ondo Insurtech with "£30mln of revenue potential." He also highlights another deal signed recently with the IAG, the largest general insurer in Australia and New Zealand, to develop and supply a version of LeakBot that can work with the different plumbing systems used in Australasia and some other potentially significant markets. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined.
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Proactive UK Ltd
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