Ondo Insurtech has struck a deal with member-owned insurer the National Farmers Union Mutual to introduce its Leakbot technology to its customers.
The London-listed firm said on Tuesday that the partnership would see NFU Mutual deploy Leakbots – aimed at reducing household water damage claims – from October 2024. The deal is targeting a roll-out of 17,000 units by January 2025.
The firm added that depending on the success of this initial deployment, NFU Mutual planned for LeakBot to then be rolled out across its members.
Ondo, formerly known as Leakbot, offers claims prevention technology for home insurers. It became the first insurtech to IPO in London in March 2022.
The firm is partnered with 19 insurance carriers in Europe and the US. In June, Ondo announced it was launching in Washington state with Nationwide and Pure, following previous launches in Ohio and New York.
NFU Mutual has more than 900,000 customers and is one of the UK’s largest general insurance companies.
“This agreement with NFU Mutual demonstrates the impact of Leakbot’s reputation for delivering on our commitment to reduce escape of water claims and for providing a quality service for our customers,” said Craig Foster, Ondo’s chief executive.
Phil Cooper, propositions manager at NFU Mutual, added: “Escape of water is one of the most damaging and disrupting things that can happen to a homeowner, causing devastating damage with little warning.
“We believe this partnership with Leakbot will help us support our customers by providing an effective early warning system for escape of water before it develops into a serious issue and look forward to seeing the positive impact this has for our members.”