Under the terms of the deal, Ondo’s innovative water damage prevention device, LeakBot, will be deployed across the operations of Länsförsäkringar Trygghetstjänster in Sweden, marking a significant step forward for both companies involved, according to a statement released by Ondo InsurTech.
Länsförsäkringar Trygghetstjänster, Sweden’s largest non-life insurer, intends to offer LeakBot as part of its comprehensive product lineup to its extensive customer base of two million individuals.
The introduction of LeakBot is expected to bolster Länsförsäkringar’s expansion efforts in new regions throughout Sweden, providing advanced support to their insurance services.
Andreas Fahlstadt, Head of Business at Länsförsäkringar Trygghetstjänster, expressed enthusiasm for the partnership, stating, “The popularity of LeakBot in our pilot test across the Länsförsäkringar Group has been exceptional, and we eagerly anticipate collaborating with Ondo InsurTech.”
During a pilot test in the Södermanlandn region, LeakBot achieved an impressive “40% penetration of addressable customers” and resulted in a remarkable 50% increase in new home insurance sales.
If Ondo’s cutting-edge offering has a comparable impact on the remainder of Länsförsäkringar’s operations, it could generate revenue exceeding £30 million for the British insurance firm.
According to Craig Foster, Chief Executive Officer at Ondo, the landmark collaboration signals a significant development within the insurance industry, pointed out the importance of innovative solutions in mitigating risks and ensuring customer satisfaction.
Speaking about the partnership, Foster stated, “Our goal is to reduce escape of water claims while safeguarding both properties and the environment.”
