Ondo Partners with NFU Mutual to Implement LeakBot Tech
Ondo Insurtech has announced a partnership with the National Farmers Union Mutual Insurance Society Limited (NFU Mutual) to implement its innovative LeakBot technology across the insurer's customer base.
Underscoring the growing importance of preventative technology in the insurance sector, the collaboration – due to start in October 2024 – aims to deploy 17,000 LeakBot units by January 2025.
Per the deal, a wider rollout will subsequently commence across NFU Mutual's entire membership base, contingent on the success of the initial phase.
For Ondo Insurtech, the partnership marks a substantial leap in its mission to mitigate household water damage claims through advanced insurtech solutions.
Ondo: Scaling at pace following IPO
Ondo Insurtech, which made history as the first insurtech company to go public on the London Stock Exchange in March 2022, has been steadily expanding its presence in the insurtech space.
The company, formerly known as LeakBot, has established partnerships with 19 insurance carriers across Europe and the United States, showcasing the growing demand for its claims prevention technology.
Craig Foster, Chief Executive of Ondo Insurtech, says of the partnership: “This agreement with NFU Mutual demonstrates the impact of LeakBot's reputation for delivering on our commitment to reduce escape of water claims and for providing a quality service for our customers.”
Ondo’s LeakBot technology offers a sophisticated approach to detecting and preventing water leaks, a common and costly issue for homeowners and insurers alike.
By providing early detection capabilities, the system aims to significantly reduce the frequency and severity of water damage claims, potentially leading to substantial cost savings for insurance providers and improved experiences for policyholders.
NFU Mutual: Delivering prevention tech to clients
NFU Mutual, with its extensive customer base of over 900,000 and status as one of the UK's largest general insurance companies, represents a significant opportunity for Ondo to scale its technology.
The member-owned insurer's decision to adopt LeakBot technology reflects a growing trend among traditional insurance providers to embrace insurtech solutions to enhance their service offerings and improve risk management.
Phil Cooper, Propositions Manager at NFU Mutual, adds: “Escape of water is one of the most damaging and disrupting things that can happen to a homeowner, causing devastating damage with little warning.
“We believe this partnership with LeakBot will help us support our customers by providing an effective early warning system for escape of water before it develops into a serious issue and look forward to seeing the positive impact this has for our members.”
This partnership follows Ondo's recent expansion in the United States, where the company has launched its services in Washington state with major insurers Nationwide and Pure, building on previous successful launches in Ohio and New York.
Craig Foster concludes: “By joining forces with NFU Mutual, we're not just expanding our reach; we're demonstrating the transformative potential of insurtech in the traditional insurance landscape.
“This collaboration represents a shared commitment to leveraging technology to prevent claims, improve customer experiences, and ultimately redefine the value proposition of insurance in the digital age.”
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