(Alliance News) - Ondo InsurTech PLC on Wednesday said it has agreed a deal with LB Forsikring to increase the distribution of its LeakBot technology in Denmark.
The London-based claims prevention technology firm for home insurers said LB Forsikring has signed a further order for 7,500 LeakBot units, which will be distributed during the first four months of 2024.
It noted that the insurer has deployed its first order of 10,000 devices over the past 14 months.
LB Forsikring is a Danish mutual insurance company.
LeakBot is a self-install claims prevention technology which connects to the wireless network of a home, alerting customers if it detects a leak.
Chief Executive Officer Craig Foster said: "Our Danish clients continue to expand the roll out to their customers and this new order shows the commitment LB Forsikring has to distributing LeakBot to more of their members, following the excellent take up rates demonstrated so far. We look forward to working with them on the roll out of these additional LeakBots in the coming months."
Sune Bille Larsen LB Forsikring's innovation hub head, said: "We continue to see a great opportunity with LeakBot to reduce the risk of escape of water claims for us and our members. Our members have been very engaged with LeakBot so far, with take up rates exceeding our expectations."
Ondo shares rose 8.8% to 25.03 pence each on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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Ondo Insurtech (ONDO)