SPAQ - Ondo InsurTech partners with South West Water to tackle UK water scarcity; inks new US LeakBot deal
(NewsDirect)
Ondo InsurTech PLC (LSE:ONDO) CEO CraigFoster joins Proactive's Stephen Gunnion with news the company haspartnered with South West Water to deploy 6,000 LeakBots in awater-stressed region in the UK to reduce leaks, marking its thirdcollaboration with a UK water company.
This initiative is part of a broader effort to address waterscarcity in the UK, exacerbated by climate change and populationgrowth. Foster highlighted that 8% of UK toilets leak, wastingsignificant amounts of water daily. Ondo InsurTech's LeakBotsolution allows homeowners to easily install a device that detectsleaks, enabling timely repairs.
Inthe US, Ondo InsurTech is expanding its footprint, inking a deal withSelective Insurance, the US property and casualty group, which willoffer its LeakBot, a self-install leak detection unit, topolicyholders.
The company has nowsigned agreements with four major insurers in the past nine months,including a significant partnership with Nationwide. These dealsdemonstrate the company's growing momentum in the US market, whereinsurers spend around $16 billion annually on water leakdamages.
Foster also mentioned Ondo InsurTech's nominationfor the Breakthrough of the Year Award at the 2023 PLC Awards,competing against giants like Rolls Royce. Despite considering itschances slim, Foster sees the nomination as an honour and anindication of the company's innovative impact in addressing waterconservation and leak prevention.
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