Ondo InsurTech says Lansforsakringar is starting to launch LeakBot in Sweden
(Alliance News) – Ondo InsurTech PLC said Monday that Swedish non-life insurer Lansforsakringar has begun rolling out LeakBot devices to policyholders in its regional operations in Sweden.
This after a successful pilot in the Södermanland region.
Ondo InsurTech is a loss prevention technology provider for home insurers, currently focusing on scaling up its LeakBot service globally, which is a loss prevention technology that prevents water damage claims in homes.
Lansforsakringar has approximately two million home insurance customers who are at risk of water damage.
Ondo InsurTech said results in the Sodermanland pilot included 40% penetration of addressable policyholders and a 50% increase in new home insurance sales, along with validation of the expected claims savings.
It said the rollout begins with a pre-paid inventory order for LeakBot units from the second regional operation. This is expected to be followed by further orders from this and other Lansforsakringar regional operations.
Management expects the majority of Lansforsakring’s regional companies to participate in the expansion.
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, says Ondo InsurTech CEO Craig Foster.
“While a full rollout across Sweden remains subject to each regional operation seizing the opportunity, it is clear from the arithmetic that the partnership has the potential to support the continued rapid growth of the active LeakBot device fleet over the next 2-3 years. “
Lena Hogfeldt, CEO of Lansforsakringar Södermanland, added: “The activity in Södermanland has proven how popular LeakBot is among our policyholders and we are pleased to already see the benefits of introducing LeakBot for acquisition, retention and claims.
“Other regional companies within Lansforsakringar are happy with the results and we are happy that they are keen to roll out the activity as well.”
Ondo InsurTech said water damage is the single biggest cause of home insurance claims, accounting for around US$17 billion in claims each year in the US and UK combined.
Shares in Ondo InsurTech were up 4.0% at 6.50 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News reporter
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