London-based Ondo InsurTech has entered a brand new contract with Selective Insurance coverage to increase its LeakBot expertise to extra states within the US.
After an preliminary launch in New Jersey, the brand new contract will carry LeakBot to owners in Virginia, Pennsylvania, Indiana and Ohio.
The transfer makes LeakBot an integral element of US-based property and casualty insurer Selective Insurance coverage’s threat administration choices.
The industrial deal is structured to help the working capital necessities of the growth.
This new settlement follows an preliminary partnership in February.
Ondo specialises in claims prevention expertise tailor-made for dwelling insurance coverage suppliers.
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
useful
resolution for your enterprise, so we provide a free pattern you could obtain by
submitting the under type
By GlobalData
The corporate is concentrated on the worldwide growth of LeakBot, designed to forestall claims. Water harm stays the main explanation for claims within the dwelling insurance coverage sector.
LeakBot is a patented, self-install system that simply integrates with dwelling networks. It alerts owners to potential water harm via a cellular utility, additionally offering entry to engineering help.
Ondo CEO Craig Foster mentioned: “This new contract with Selective Insurance coverage represents one other vital step in our US growth, reinforcing LeakBot’s place as a confirmed answer for lowering water harm claims – one of many largest claims prices for dwelling insurers. Following the profitable launch in New Jersey, we’re delighted to see Selective scaling the rollout to Virginia, Pennsylvania, Indiana and Ohio.
“With LeakBot now reaching owners in a complete of 18 states via our US companions, we’re delivering tangible worth by stopping pricey claims and enhancing policyholder satisfaction. This growth highlights the rising confidence in our expertise amongst US insurance coverage carriers.”
