LeakBot partners with vipHomeLink to expand U.S. water damage prevention

NEW YORK - Ondo InsurTech Plc (LSE:ONDO) announced Thursday a new partnership with vipHomeLink Holdings to distribute its LeakBot water damage prevention system to small and mid-sized U.S. insurance carriers.

Under the agreement, vipHomeLink will facilitate the deployment of LeakBot programs to its network of insurance carriers at lower minimum volumes, while handling customer engagement, onboarding, and enrollment marketing. Ondo will maintain direct contractual relationships with insurers and provide its leak detection technology and in-home plumbing repair services.

The partnership aims to build on LeakBot’s existing U.S. presence, which includes relationships with carriers such as Nationwide, Selective, and Pure. According to the press release, the collaboration represents a step toward creating a "complete and coordinated prevention ecosystem" that combines smart solutions to protect homeowners from common risks.

"VIP has already proven the power of digital engagement through its work with Ting. We’re excited to be their next major prevention partner," said Craig Foster, CEO of Ondo InsurTech.

Geoff Martin, CEO of vipHomeLink, noted that "damage from water leaks is the most frequent source of home insurance claims, and LeakBot provides a winning prevention solution."

Ondo describes water damage as the largest cause of home insurance claims, accounting for $17 billion annually in the USA and UK combined. The company claims its LeakBot technology can reduce the cost of water damage claims by up to 70%, according to independent research by Consumer Intelligence.

The LeakBot system connects to home wireless networks and alerts customers via mobile app when leaks are detected, providing access to expert engineers to find and fix problems.

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