(Alliance News) – Ondo InsurTech PLC on Monday said that the Swedish non-life insurer Lansforsakringar has started the introduction of LeakBot devices to policyholders in its regional businesses in Sweden.
This follows a successful pilot in the Sodermanland region.
Ondo InsurTech is a claims prevention technology provider for home insurers, currently focusing on scaling its LeakBot service globally, which is a claims prevention technology that prevents claims from -water in the houses.
Lansforsakringar has approximately two million home insurance customers who are at risk from water damage claims.
Ondo InsurTech said results in the Sodermanland pilot included a 40% penetration of addressable policyholders and a 50% increase in new home insurance sales, along with validation of savings expected of the claims.
He said the launch begins with a prepaid inventory order for LeakBot devices from a second regional business. This is expected to be followed by further orders from this and other regional Lansforsakringar businesses.
Management expects the majority of Lansforsakringar’s regional businesses to participate in the launch.
The pilot with Lansforsakringar in Sweden has been one of our most successful to date and we have found them to be a fantastic partner to work with,” said Ondo InsurTech CEO Craig Foster.
“While a full rollout across Sweden remains subject to each regional business taking the opportunity, it is clear from the arithmetic that the partnership has the potential to underpin the continued rapid growth of the active LeakBot device fleet during the next 2-3. years.”
Lena Hogfeldt, CEO of Lansforsakringar Sodermanland, added: “The activity in Sodermanland has shown how popular LeakBot is with our policyholders and we are pleased to already be seeing the benefits of introducing LeakBot on procurement , retention and claims.
“Other regional businesses within Lansforsakringar are excited by the results and we are delighted that they are keen to start the activity as well.”
Ondo InsurTech said water damage is the single largest cause of home insurance claims, accounting for around USD17 billion of claims each year in the US and UK combined.
Shares in Ondo InsurTech rose 4.0% to 6.50 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All rights Reserved.
