The system that prevents small leaks becoming big claims for the insurance industry is now set to become the first InsurTech to IPO in the UK as Ondo InsurTech PlcFind out more
It is widely known that escape of water claims are a big problem for insurers with $17bn a year spent on escape of water losses in US and UK alone. It’s less well known that over half of these claims are caused by mains water leaks and that the majority are small, hidden leaks that cause damage over a period of time. Escape of water seems like a great use case for IOT but so far nobody has really cracked the code on how to do it at scale… until now.
LeakBot is the world’s first end-to-end, IoT escape of water claims mitigation solution that already has a proven commercial model and business case for insurers.
>80% self installation rate, micro-leak sensitivity, device and in-home service can be offered for free to homeowners
Invented, designed and manufactured in Britain. Exported internationally
Multiple insurance companies deploying LeakBot across multiple countries
LeakBot was the proud winner of the DIAmond Award at this year's Digital Insurance Agenda in Amsterdam. Watch our keynote and see how LeakBot’s unique end-to-end solution is already working alongside leading insurers to mitigate water damage claims.
Great little gizmo which I got through my Hiscox policy. I am not very DIY savvy to say the least but it was pretty easy to set up though, initially, I wasn't entirely sure I had done it correctly but I did start to get regular readings. Today I got an email saying my water usage was up and perhaps I should check my taps etc. In fact my wife had given the garden it's first serious watering of the year so far - and Leakbot picked it up! Terrific service.
What an amazing device. My wife left the outside tap dripping. Shortly after, I got an alert from Leakbot advising me of a possible leak. Checked taps, found dripping tap and turned it off. Fantastic... If that had been a leak in the system, it would have alerted me immediately possibly saving serious water damage. Fantastic device...
LeakBot picked up that there were 2 leaks in my home. The engineer arrived and very quickly identified that the leaks were coming from the loft. The main leak was coming from a crack in the cold water tank. I am so pleased that I installed the LeakBot. I wouldn’t have known about the leak until extensive damage occurred so this has saved me a huge amount of money, stress and inconvenience
From energy-saving bulbs to leak detectors, smart tech offers many benefits at the touch of a button.
A partnership with Hiscox has opened the firm's eyes as to how it can aid insurers and brokers in managing expensive EOW claims.
LeakBot has announced it intends to float on the London Stock Exchange as Ondo InsurTech Plc, via a reverse takeover with Spinnaker Acquisitions Plc.
Video doorbells and home security cameras are becoming increasingly popular. But if you think these new technology innovations will lead to you getting a discount on your home insurance, you are mistaken.
For insurtech to progress and reach that tipping point insurtech providers must look to move beyond discussions of the innovation itself.
“No-one created a billion dollar company off the side of their desk.” That was the challenge from Homeserve’s CEO Richard Harpin to Craig Foster, who was then product director.
Early year studies from Deloitte and McKinsey cited 2019 as the year for insurance firms to embrace new partnerships and join in the tech revolution.
With the cost of claims for escape of water rising, how can smart home tech make an impact and transform the insurance industry?
Topdanmark, the second-largest insurance company in Denmark, offers a wide range of policies to customers around the country including house insurance for many Danish homeowners.
After a career in the insurance industry that includes being CEO of two large insurance firms, Mark Wood is steering HomeServe's LeakBot into new markets.
HomeServe Labs spent two and a half years developing and refining LeakBot to make it ready for commercial release — and now it'll be heading to the US.
Is it too late for some 2020 Predictions? Heck no, we’re still in New Year mode here at IE mag and looking forward to another year of rapid change in the insurance sector.