Ondo InsurTech inks deal to deploy 10,000 LeakBot devices in US
Ondo InsurTech PLC on Monday said its US-based subsidiary LeakBot USA Inc has secured a contract with Ohio, US-based property and casualty insurer Westfield Insurance to deploy LeakBot devices in the US.
London-based claim prevention technology company Ondo InsurTech is focused on scaling up LeakBot, its claims prevention technology that prevents water damage in houses.
Ondo said Westfield will begin deploying 10,000 LeakBot devices and connected services for homeowners’ insurance customers in Indiana, Ohio and Pennsylvania. It noted these are states in which Ondo possesses client coverage.
Ondo added that the agreement includes upfront payments ahead of expected shipments, in line with other commercial contracts.
Shares in the company were up 2.1% at 29.50 pence on Monday morning in London.
‘We are pleased to partner with Westfield and look forward to providing them with the same compelling results we are delivering to all our insurance company partners worldwide,’ said Chief Executive Craig Foster.
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