Ondo InsurTech expands LeakBot program with PURE Insurance
Why we think this is good
The RNS announcement is a positive update on Ondo InsurTech's expansion of its LeakBot program with PURE Insurance, a leading property and casualty insurer. The expansion to 6 new states beyond the initial pilot in New York demonstrates the growing adoption of Ondo's technology, and the positive feedback from PURE Insurance suggests the solution is effectively helping to mitigate water damage claims. While the lack of financial information prevents a full assessment of the financial impact, the overall tone of the announcement is constructive and indicates progress in Ondo's key partnership.
Key Points
- Ondo's LeakBot program expanded to 6 new states with PURE Insurance
- LeakBot is Ondo's proprietary leak detection system for home insurers
- PURE Insurance will offer LeakBot and plumbing repair service to eligible members at no cost
- Expansion follows successful pilot program in New York
- Water damage is the most common and costly cause of loss for PURE Insurance members
Summary
Ondo InsurTech (LSE: ONDO) announced that PURE Insurance, a member-owned property and casualty insurer, is expanding its LeakBot program to 6 new states beyond the initial pilot in New York. LeakBot is Ondo's proprietary leak detection system that helps insurers mitigate water damage claims. PURE will offer LeakBot and its plumbing repair service to eligible members at no cost. The expansion follows a successful pilot program, with PURE stating water damage is the most common and costly cause of loss for their membership. Ondo's CEO expressed confidence in continuing to provide compelling results as the program scales beyond the initial test market.