Ondo InsurTech Plc is expanding into Denmark, and has signed a new agreement with Privatsikring to market LeakBot products to non-life insurance customers
Ondo Insurtech Plc, a London-based InsurTech firm, has signed a new deal with Privatsikring to bring LeakBot to Danish homeowners.
This follows Ondo’s previous announcements of its London Stock Exchange listing and, more recently, its entry into North America.
“Denmark has so far been a terrific market for LeakBot, with both insurers and Danish homeowners finding a large amount of value in the technology and service,” says Craig Foster, CEO of Ondo InsurTech Plc. We are thrilled to announce Privatsikring as our third insurance partner here and look forward to a long relationship with the team.”
Introducing LeakBot services into Denmark
According to Ondo, the goal is to make the LeakBot system the equivalent of a 5-lever door lock, which every home insurance expects every property to have as standard.
Ondo’s flagship product, the LeakBot, is an intelligent water security device that detects micro-leaks in residential properties. There were roughly 39,000 registered LeakBot devices given to partners and eleven potential partners in the UK and US as of March 2022.
LeakBot is an insurtech solution that insurance companies can offer to homeowners for free. It helps with water damage, which is believed to be the leading cause of claims on residential properties in LeakBot’s target markets.
Following successful collaborations with TopDanmark and LB Forsikring, Privatsikring will be LeakBot’s third insurance partner in Denmark. LeakBot will be offered by Privatsikring for free, with repair services being provided by Ondo in Denmark. This comes after a successful trial with Privatsikring, which introduced LeakBot services
Helping to reduce water damage
TopDanmark was recently nominated for a Danish Digital Award for its application of LeakBot, saying that they had installed 10,000 units in customers’ homes, saved 3 million litres of water, and seen a 25% drop in damage claims.
With upwards of 39,000 devices provided to insurers, Ondo is currently associated with nine blue-chip insurers spanning the UK, Ireland, the United States, and Scandinavia, including Hiscox, Direct Line, and TopDanmark.
