London-listed insurtech company Ondo, which aims to be the leading provider of claims prevention technology for home insurers, has announced a rollout of its LeakBot across Denmark.
Following a successful trial of 1,000 LeakBots, which has seen a 50 per cent reduction in claims, Denmark’s largest member-owned insurance company, LB Forsikring, have committed to roll-out at least 10,000 devices to their 126,000 home insurance base in Denmark.
The new product deployment will begin in September 2022 and LB members will benefit from a free LeakBot device and free repairs from a LeakBot plumber.
The news follows a previous announcement by Ondo that it will be supplying its leak detection devices to 20,000 of Admiral’s home insurance platinum cover policyholders.
LeakBot can be self-installed by homeowners, who clip it onto their mains pipe and download an app that tracks air and water temperatures and has been proven to reduce water damage claims by 70 per cent.
Customers are alerted to any leaks found and provided access to specialised LeakBot plumbers.
In a statement issued to the London Stock Exchange this morning, Craig Foster, CEO of Ondo, said: “We’re very pleased to be rolling out LeakBot across the LB Forsikring member base, following the success of our initial pilot.
“LB Forsikring’s results to date support the evidence we have that we can significantly reduce claims costs for insurers. We look forward to working with the team at LB Forsikring to deliver the same levels of success across their wider book.”
During the initial pilot, LB Forsikring found that members benefitted from both the reduction in claims and an increased sense of security and reassurance which the LeakBot service provided.
Sune Bille Larsen, head of LBeta, the innovation hub of LB Forsikring, said: “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.”
Ondo’s focus is the global scale-up of LeakBot. It was invented, developed and is also manufactured in the UK and exported to Denmark, Sweden and the USA.