Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after announcing the signing of another contract to supply the company's Leakbot water leak detection device to a major insurer. The five-year deal with Sweden's Lnsfrskringar Trygghetstjnster (LFTT) follows a successful pilot scheme in the country and will run for five years. Foster says the deal is "very material" for Ondo Insurtech with "30mln of revenue potential." He also highlights another deal signed recently with the IAG, the largest general insurer in Australia and New Zealand, to develop and supply a version of LeakBot that can work with the different plumbing systems used in Australasia and some other potentially significant markets. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined.
Proactive UK Ltd
+44 20 7989 0813
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Ondo InsurTech PLC
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