Ondo Expands LeakBot in US Market
Ondo InsurTech is significantly expanding its US presence for its water leak prevention technology, LeakBot. The company announced it's scaling up its partnership with Selective Insurance, moving from a 2024 pilot to a full rollout across the carrier's 15-state footprint. The move positions claims prevention tech as a core offering for property insurers.
The partnership between Ondo and Selective began with a single-state pilot in February 2024 and quickly expanded to multiple states later that year before the full 15-state rollout. Ondo praised Selective as an outstanding collaborator and an early adopter of its customer engagement strategies, noting the insurer's commitment to improving customer outcomes through technology. Water damage is a significant issue for insurers, representing the second leading cause of property damage claims in the U.S. These claims cost the insurance industry an estimated $13 billion to $25 billion annually, with the average household claim exceeding $12,500. Approximately one in 60 insured homes files a water damage claim each year. The LeakBot system, created by Ondo CEO Craig Foster, is a patented, self-install device that detects leaks anywhere on a home's main water system. The technology is designed to reduce the cost of water damage claims by up to 70%, according to independent research. Ondo's expansion in the U.S. is a key strategic focus, with the American market expected to be the main engine of growth for the business. The company has also secured partnerships with other major U.S. insurers, including Nationwide, PURE Insurance, and Liberty Mutual, and is now active in 18 states. For Selective, the adoption of LeakBot is part of a broader strategy to leverage technology for risk mitigation. The insurer has an innovation lab called LAUNCH to develop methodical creativity and has also partnered with companies like Whisker Labs to offer its policyholders fire prevention technology. The LeakBot service includes professional plumbing repair at no cost to the homeowner, a model that provides a clear return on investment for the insurer. This approach has resulted in high customer satisfaction, with a Net Promoter Score of over 80 in every market and a near five-out-of-five customer satisfaction score.
