Business
New five-year contract
New five-year contract.
About this update from Ondo Insur Tech Plc
[{"type":"text","content":"\n\n10 July 2023\n \nOndo InsurTech Plc (\"Ondo\" or \"the Company\")\n \n \n Länsförsäkringar - Sweden's largest non-life insurer - sign new five-year contract to support national rollout\n \n \nOndo InsurTech Plc (\"Ondo\"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that Länsförsäkringar Trygghetstjänster (\"LFTT\") have signed a new five-year contract to support LeakBot's rollout across the group.\n \nLänsförsäkringar is the largest non-life insurer in Sweden and has approximately 2 million home insurance customers who are at risk from water damage claims.\n \nThis new five-year agreement is with LFTT - a division of Länsförsäkringar, providing services for the wider Länsförsäkringar Group. The contract will allow for LeakBot to be embedded within a wider Länsförsäkringar product offering, facilitating the continuing roll out to more regions across Sweden. \n \nLänsförsäkringar first tested LeakBot in the Södermanland regional pilot which delivered a 40% penetration of addressable policyholders and an impressive 50% increase in new home insurance sales, in addition to the prevention of water damage claims.\n \nIf LeakBot achieve the same results across the Länsförsäkringar Group, then the total opportunity is worth over £30 million of revenue. \n \nLeakBot is now already live in 4 of the 23 Länsförsäkringar regional businesses, with the other regions waiting for confirmation that this new 5-year agreement is in place before commencing further expansion.\n \nAndreas Fahlstadt, Head of Business and Market at Länsförsäkringar Södermanland, says: \"Existing LeakBot activity has proven very popular across the Länsförsäkringar Group and we look forward to working with LeakBot on the opportunity to increase engagement and reduce escape of water claims over the coming years.\"\n \n \nCraig Foster, CEO of Ondo InsurTech Plc, says: \" We are thrilled to have the opportunity to put our technology into homes across Sweden through our growing partnership with the Länsförsäkringar Group, reducing escape of water claims and protecting both houses and the environment by fixing leaks and saving water across the country\".\n \n \n \n \n \nEnquiries\n \nFo...