Ondo InsurTech PLC on Monday said Swedish non-life insurer Lansforsakringar has commenced the rollout of LeakBot devices to policyholders across 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 up its LeakBot service globally, which is a claims prevention technology preventing water damages claims in houses.
Lansforsakringar has around two million home insurance customers who are at risk from water damage claims.
Ondo InsurTech said results in the Sodermanland pilot included 40% penetration of addressable policyholders and a 50% increase in new home insurance sales, alongside validation of the expected claims savings.
It said the rollout begins with a pre-paid inventory order for LeakBot devices from the second regional business. This is expected to be followed by further orders from this and other Lansforsakringar regional businesses.
Management expect the majority of Lansforsakringar regional businesses to participate in the roll-out.
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 Chief Executive Officer Craig Foster.
‘Whilst a full roll-out across Sweden remains subject to each regional business taking up the opportunity, it is clear from the arithmetic that the partnership has the potential to underpin the continuing rapid growth of the active LeakBot device fleet over the next 2-3 years.’
Lena Hogfeldt, CEO of Lansforsakringar Sodermanland, added: ‘The activity in Sodermanland has proven just how popular LeakBot is with our policyholders and we’re pleased to already be seeing the benefits of introducing LeakBot on acquisition, retention and claims.
‘Other regional businesses within Lansforsakringar are excited by the results and we’re glad they are keen to roll out the activity too.’
Ondo InsurTech said water damage is the single biggest cause of home insurance claims, accounting for around $17 billion of claims every year in the USA and UK combined.
Shares in Ondo InsurTech were up 4.0% to 6.50 pence each in London on Monday afternoon.
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