After a profitable trial, Ondo InsurTech is rolling out LeakBot throughout Sweden in partnership with Länsförsäkringar, the nation’s largest non-life insurer. Regardless of their confirmed success in mitigating water harm claims, GlobalData’s 2022 UK Insurance coverage Client Survey signifies that simply 7% of UK family insurance coverage prospects use a water leak detection machine.
Because the insurance coverage business evolves in direction of the claims prevention mannequin of ‘predict and stop’, sensible gadgets resembling water leak detectors will proceed to show their price to insurers and owners alike. Ondo InsurTech is showcasing the worth of its LeakBot machine, with Sweden changing into the fourth nation wherein the product is being rolled out. Länsförsäkringar suggests it has as much as two million dwelling insurance coverage prospects who’re susceptible to water harm. On condition that water harm claims are estimated to price as much as GBP14 billion (within the UK and US alone), the financial savings potential for insurers and insureds is huge.
Regardless of this enormous price, simply 7% of UK dwelling insurance coverage prospects use a leak detector of their dwelling, highlighting how a lot work may be carried out by each know-how and insurance coverage suppliers to extend uptake of the package. Ondo supplies LeakBot to insurance coverage prospects freed from cost (it’s self-installed), with the info fed again to the insurer. In accordance with our 2022 UK Insurance coverage Client Survey, 66.2% of customers indicated that they’d share sensible machine knowledge with an insurer in return for monetary financial savings. This knowledge sharing by way of LeakBot is due to this fact useful to customers by way of financial savings and insurers by way of enhanced knowledge assortment and shopper perception. The Web of Issues is beginning to have a concerted and noticeable influence on dwelling insurance coverage, with leak detectors enjoying a key function in eliminating water claims harm.
In its trial interval, Länsförsäkringar Södermanland noticed a 50% improve in dwelling insurance coverage gross sales, in addition to positives in retention and claims. Thus, not solely can leak detectors save insurers from vital claims (an ever-important aspect, particularly within the context of world inflation), however they will additionally enhance acquisition and retention charges.
Ondo’s additional partnerships with main insurers in Denmark, the UK, and the US will enable the insurtech to proceed to develop, bringing the advantages of leak detectors into the sights of customers and different insurers. Insurers ought to guarantee they don’t get left behind by evolving know-how inside the dwelling and the advantages they create to customers and themselves.