Ondo InsurTech Plc, the first London-listed insurtech company boasting a proprietary, patented water management security technology, announces that it has incorporated LeakBot USA Inc in the state of Delaware. It has and has appointed Jim Strickland as General Manager for North America to spearhead the North American expansion.
Jim joins the Senior Executive team of Ondo and will also be a Board Director of LeakBot USA Inc. Jim has over 3 decades of experience in building transformational B2B relationships in the Property and Casualty industry, is well known across the industry and has domain-specific expertise in what works and (what does not) in the field of using IOT and in-home repair services to deliver ROI for P&C carriers.
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LeakBot is a non-invasive self-installed device that can detect a leak anywhere on the mains water pipes. The technology offers the accuracy of leak detection usually seen in high-cost plumbed-in systems, for the price of low cost but ineffective moisture sensors. The technology enabling LeakBot is proprietary and is protected by a set of patents already granted in the United States.
The US market is a significant opportunity for LeakBot
- Homeowners’ insurance in the USA is a $100 billion annual premium business
- US households incur $16.5 billion of homeowners’ insurance claims annually for escape of water damage, with an average claim value of $11,000. That is approximately 1.5 million claims a year – equivalent to one claim every 20 seconds
- Water loss is a significant sustainability issue in the US too. 1 trillion gallons of water are lost annually through domestic water leaks, where water purification accounts for 3-4% of energy usage in the USA according to the EPA.
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The aim of LeakBot USA is to expand beyond the existing footprint of 2 states across the rest of the US, and to expand the number of US P&C insurance partnerships.
Jim Strickland, General Manager North America, Ondo InsurTech Plc, commented: “I know that the Property & Casualty industry in North America is very keen to find a solution to the escape-of-water problem and I am totally convinced LeakBot is the break-through solution the US industry have been waiting for. I am thrilled to join the team at Ondo and take the lead in growing LeakBot in North America“.
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