Insurtech Ondo has signed an agreement with Selective Insurance Group to offer LeakBot to its eligible homeowners policyholders.
London-based Onto is a leader in water damage claims prevention technology and will now work with the US-based property and casualty firm Selective.
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Craig Foster, Ondo CEO, said: “We are pleased to add another well-known US insurer to our list of partners and we share the same ambitions and aspirations as Selective – to use technology to protect the homes of families and reduce the risk of property water damage.”
Allen Anderson, senior vice president, Personal Lines, Selective, stated: “We provide customised risk management solutions to help serve our customers’ unique needs and actively seek innovations that help them mitigate risk. LeakBot’s innovative technology can help our customers reduce the risk of water-related property damage.”
Earlier in the year, Ondo struck an alliance with LB Forsikring to further the distribution of its LeakBot claims prevention technology in Demark.
LeakBot, designed to avert water damage claims, is a patented, self-install device that connects to home networks.
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By GlobalDataIt alerts homeowners about leaks via a mobile app and offers access to engineering support.
In the past 14 months, LB Forsikring, a Danish mutual insurance company, has rolled out nearly 10,000 LeakBot devices.
With the new deal, it has committed to an additional order of 7,500 LeakBot units for distribution in the first quarter of 2024.
Private flood insurance provider Neptune Flood has also launched its excess flood insurance product for residential, commercial and condo properties.
The Neptune excess flood policy provides coverage above the maximum limit available through the National Flood Insurance Program (NFIP). It also allows customers to keep their NFIP policy if they have yet to reach their market rate.
In addition, the Neptune excess product addresses coverage gaps and protects against losses in excess of NFIP limits.
