Ondo InsurTech is to supply leak detection devices to 20,000 Admiral Home Insurance Platinum cover customers as part of a pilot project with one of the UK’s largest insurers.
Ondo, which listed on the London Stock Exchange in March 2022, aims to be the leading provider of claims prevention technology for home insurers through the deployment of LeakBot. Over the next six months Admiral Home Insurance will provide 20,000 customers on its top tier cover with free LeakBot devices and free repairs from a LeakBot plumber.
The trial with Admiral’s Platinum cover customer group will be used to scope out the opportunity for a larger scale roll out across Admiral’s customer base. Admiral has over 1.3 million home insurance customers in the UK and is a leading home insurance brand in new business, with a 11% growth in acquisition last FY.
LeakBot, Ondo’s proprietary device, can be self-installed by homeowners, who clip it onto their mains pipe and download an app that tracks air and water temperatures. A leak draws colder water from outside, and creates a consistent drop in temperature. During the pilot Admiral’s Platinum customers will receive an alert from LeakBot to let them know there’s an issue, and a free visit by a LeakBot plumber to find and fix the leak. Water damage is the biggest single cause of home insurance claims, accounting for £1.8 million of pay outs each day in the UK alone, according to the ABI.
Last month LeakBot released independent research conducted by Consumer Intelligence which found that insurers save up to 70% in water damage claims by introducing LeakBot thanks to early detection of frequently hidden problems.
Noel Summerfield, Head of Household at Admiral, says: “At Admiral, we’re always striving for better for our customers, using innovation to offer new products and solutions to help customers look after their homes and belongings. Partnering with Ondo and LeakBot is testament to our investment in the very best household IoT innovation – helping to drastically reduce the major headache and costs that come with water damage through unexpected leaks.”
Craig Foster, CEO of Ondo InsurTech Plc, says: “We’re very pleased to be working with our first mass market insurer in the UK. We now have the evidence that we can significantly reduce claims costs for insurers and we look forward to working with the team at Admiral to apply our proven model to a wider customer base.”