London-based Ondo InsurTech has entered a brand new contract with Selective Insurance coverage to increase its LeakBot know-how to extra states within the US.
After an preliminary launch in New Jersey, the brand new contract will deliver LeakBot to householders in Virginia, Pennsylvania, Indiana and Ohio.
The transfer makes LeakBot an integral part of US-based property and casualty insurer Selective Insurance coverage’s threat administration choices.
The industrial deal is structured to assist the working capital necessities of the growth.
This new settlement follows an preliminary partnership in February.
Ondo specialises in claims prevention know-how tailor-made for house insurance coverage suppliers.
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The corporate is targeted on the worldwide growth of LeakBot, designed to stop claims. Water harm stays the main explanation for claims within the house insurance coverage sector.
LeakBot is a patented, self-install gadget that simply integrates with house networks. It alerts householders to potential water harm by way of a cellular utility, additionally offering entry to engineering assist.
Ondo CEO Craig Foster stated: “This new contract with Selective Insurance coverage represents one other important step in our US growth, reinforcing LeakBot’s place as a confirmed resolution for decreasing water harm claims – one of many largest claims prices for house insurers. Following the profitable launch in New Jersey, we’re delighted to see Selective scaling the rollout to Virginia, Pennsylvania, Indiana and Ohio.
“With LeakBot now reaching householders in a complete of 18 states by way of our US companions, we’re delivering tangible worth by stopping expensive claims and enhancing policyholder satisfaction. This growth highlights the rising confidence in our know-how amongst US insurance coverage carriers.”
