February 24, 2024

InsureTech agency can cut back water harm by 70%

London listed InsureTech firm, Ondo InsurTech Plc, revealed a landmark research paper primarily based on new impartial analysis which demonstrates that LeakBot can cut back water harm claims expenditure by 70%. This information comes a pair weeks after Ondo InsurTech Plc introduced its growth to North America and extra just lately its third Danish collaboration with Privatsikring.

LeakBot is Ondo’s flagship product, it’s an clever water safety system for the detection of micro-leaks in residential properties. LeakBot is utilized by 10 insurers in 5 international locations, by carriers corresponding to Direct Line Group, HiscoxMapfre and TopDanmark.

Water harm is the only greatest explanation for residence insurance coverage claims, accounting for $17bn of claims yearly within the USA and UK mixed.

The outcomes from the analysis present that within the 5 years earlier than the set up of a LeakBot gadget, 32% of consumers claimed for water harm, with a leak from the mains water pipe the commonest trigger. With LeakBot, prospects had been capable of determine leaks earlier and have LeakBot go to the property to seek out and repair the issue. Throughout the three international locations the typical discount in water harm claims spending was 44%.

The findings represent an vital replace on the influence the LeakBot expertise have on mitigating value of declare to accommodate insurers. Within the UK, the place the system is extra superior and the plumbing service is essentially the most built-in, LeakBot lowered water harm claims prices by 70%, that means on common LeakBot can save an insurer $140 of annual claims prices per set up – far in extra of what it is going to value a service to offer your complete LeakBot product and repair to their policyholders without spending a dime.

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The analysis additional confirmed that prospects who had been given a LeakBot gadget from their residence insurer had been extra doubtless to decide on to resume and to advocate LeakBot to family and friends.

Craig Foster, CEO of Ondo InsurTech Plc, says: “We knew that LeakBot labored – now we all know precisely how effectively it really works. This landmark analysis by Client Intelligence is what the house insurance coverage business has been ready for – arduous proof that IOT-based techniques can have a dramatic impact on claims prices and shopper loyalty, and might be deployed at scale with an instantaneous return on funding.”

The impartial report, “Counting the Financial savings: How IoT leak detection is radically lowering water harm claims”, might be downloaded from the corporate web site.