SPAQ - Ondo InsurTech signs very material five-year LeakBot deal in Sweden
(NewsDirect)
OndoInsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner fromProactive after announcing the signing of another contract to supplythe company's Leakbot water leak detection device to a majorinsurer. The five-year deal with Sweden's LänsförsäkringarTrygghetstjänster (LFTT) follows a successful pilot scheme in thecountry and will run for five years. Foster says the deal is "verymaterial" for Ondo Insurtech with "£30mln of revenuepotential." He also highlights another deal signed recently withthe IAG, the largest general insurer in Australia and New Zealand, todevelop and supply a version of LeakBot that can work with thedifferent plumbing systems used in Australasia and some otherpotentially significant markets. LeakBot is a patented self-installsolution that connects to the home wireless network and, if it detectsa leak, notifies the customer via the LeakBot mobile app and providesaccess to a team of expert LeakBot engineers to 'find and fix'the problem. Water damage is the single biggest cause of homeinsurance claims, accounting for $17bn of claims every year in the USAand UK combined.
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