London-based Ondo InsurTech has entered a new contract with Selective Insurance to expand its LeakBot technology to more states in the US.
After an initial launch in New Jersey, the new contract will bring LeakBot to homeowners in Virginia, Pennsylvania, Indiana and Ohio.
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The move makes LeakBot an integral component of US-based property and casualty insurer Selective Insurance’s risk management offerings.
The commercial deal is structured to support the working capital requirements of the expansion.
This new agreement follows an initial partnership in February.
Ondo specialises in claims prevention technology tailored for home insurance providers.
The company is focused on the worldwide expansion of LeakBot, designed to prevent claims. Water damage remains the leading cause of claims in the home insurance sector.
LeakBot is a patented, self-install device that easily integrates with home networks. It alerts homeowners to potential water damage through a mobile application, also providing access to engineering support.
Ondo CEO Craig Foster said: “This new contract with Selective Insurance represents another significant step in our US expansion, reinforcing LeakBot’s position as a proven solution for reducing water damage claims – one of the largest claims costs for home insurers. Following the successful launch in New Jersey, we are delighted to see Selective scaling the rollout to Virginia, Pennsylvania, Indiana and Ohio.
“With LeakBot now reaching homeowners in a total of 18 states through our US partners, we are delivering tangible value by preventing costly claims and enhancing policyholder satisfaction. This expansion highlights the growing confidence in our technology among US insurance carriers.”
