Ondo and Privatsikring partner to provide LeakBot in Denmark
Ondo Insurtech Plc, a London-based InsurTech company, has made a new agreement with Privatsikring in order to provide LeakBot to homeowners in Denmark.
This follows from the recent announcements of Ondo listing on the London Stock Exchange and more recently its expansion to North America.
Craig Foster, CEO of Ondo InsurTech Plc, says: “Denmark has so far been a great market for LeakBot with both insurers and Danish homeowners finding a huge amount of value in the technology and service. We are pleased to announce Privatsikring as our third insurance partner here and look forward to a long collaboration with the team.”
Introducing LeakBot services into Denmark
Ondo’s mission is to make the LeakBot system the equivalent of a 5-lever door lock – something every home insurer expects every home to have as standard, according to the company.
LeakBot, which is Ondo's flagship product, is an intelligent water security system for the detection of micro-leaks in residential properties. As of March 2022, there were approximately 39,000 registered LeakBot devices supplied to partners and eleven potential partners in the UK and US.
An insurtech solution that can be provided by insurance companies free of charge to householders, LeakBot plays a part in addressing water damage, which is said to be the number one source of claims on residential properties in LeakBot’s target markets.
Privatsikring will be LeakBot’s third insurance partner in Denmark, following the successful partnerships with TopDanmark and LB Forsikring. LeakBot will be offered by Privatsikring for free, with repair services also provided by Ondo in Denmark. This follows the success of previous trial activity with Privatsikring introducing LeakBot services.
Helping to reduce water damage
The new signing follows the recent news that TopDanmark have been nominated for a Danish Digital Award for their application of LeakBot, citing that they have installed 10,000 units in customers' home, saved 3 million litres of water and seen a 25% reduction in damage claims.
Ondo is currently partnered with nine blue-chip insurers including Hiscox, Direct Line, and TopDanmark across the UK, Ireland, US, and Scandinavia with upwards of 39,000 devices supplied to insurers.
