Ondo InsurTech partners with South West Water to tackle UK water scarcity; inks new US LeakBot deal
London, UK
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February 26, 2024 09:53 AM Eastern Standard Time
Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster joins Proactive's Stephen Gunnion with news the company has partnered with South West Water to deploy 6,000 LeakBots in a water-stressed region in the UK to reduce leaks, marking its third collaboration with a UK water company.
This initiative is part of a broader effort to address water scarcity in the UK, exacerbated by climate change and population growth. Foster highlighted that 8% of UK toilets leak, wasting significant amounts of water daily. Ondo InsurTech's LeakBot solution allows homeowners to easily install a device that detects leaks, enabling timely repairs.
In the US, Ondo InsurTech is expanding its footprint, inking a deal with Selective Insurance, the US property and casualty group, which will offer its LeakBot, a self-install leak detection unit, to policyholders.
The company has now signed agreements with four major insurers in the past nine months, including a significant partnership with Nationwide. These deals demonstrate the company's growing momentum in the US market, where insurers spend around $16 billion annually on water leak damages.
Foster also mentioned Ondo InsurTech's nomination for the Breakthrough of the Year Award at the 2023 PLC Awards, competing against giants like Rolls Royce. Despite considering its chances slim, Foster sees the nomination as an honour and an indication of the company's innovative impact in addressing water conservation and leak prevention.
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