January 18, 2023. Morristown, NJ. vipHomeLink, the U.S. technology company that provides the leading digital home management and engagement platform, announced today a partnership with LeakBot, USA, a division of Ondo Plc. LeakBot is a water damage prevention solution currently used by 11 insurance carriers and a water utility in five countries to proactively prevent water loss claims in homes.
vipHomeLink’s mobile solution simplifies homeownership with maintenance reminders and expert digital content, while empowering homeowners to make their homes safer, more valuable and more energy efficient. The Company provides its customized platform primarily to partners in the insurance industry, where the branded app helps drive homeowner retention, improves brand affinity, and prevents insurance claims.
LeakBot’s unique solution uses a single patented IoT sensor that homeowners simply clip on to their home’s main water supply line to monitor their entire water system for micro-leaks. In the event a water leak is detected, LeakBot alerts the homeowner directly on their phone and dispatches a LeakBot plumber to the property to ‘find and fix’ the leak for the homeowner before significant damage occurs.
Water leaks waste 1 trillion gallons of water per year in the United States, and water damage makes up approximately 30% of home insurance claims — the most expensive non-weather peril for home insurance carriers. The LeakBot solution reduces these water claims by 70%. Insurance carriers typically provide the LeakBot sensor and repair services to their customers at no cost and realize up to 300% annual ROI.
“LeakBot’s mission is to eliminate water damage claims, which aligns perfectly with vipHomeLink’s broader engagement and prevention platform,” adds Jim Strickland, LeakBot’s GM for North America. “LeakBot is the only water damage prevention solution that provides equally compelling value to both insurance carriers and homeowners with an economic model that supports wide scale insurance carrier distribution. We’re excited to be part of the vipHomeLink ecosystem and combine LeakBot’s verified water loss prevention capability with vipHomeLink’s platform.”
“We’re very impressed with the effectiveness, simplicity and price point of LeakBot, and we’re excited to provide this solution to our members and partners to prevent and mitigate water claims,” explains Geoff Martin, President & Co-founder of vipHomeLink. “We are building a valuable homeowner-centric ecosystem, helping simplify homeownership and prevent claims, and we’re thrilled to have LeakBot partner with us.”
Founded in 2018, vipHomeLink is a digital home management solution that helps homeowners maintain, organize, and improve their homes. The Company markets its platform to insurance companies and other corporate partners to drive engagement with homeowners, prevent home insurance claims, and increase retention and referrals. The solution simplifies homeownership, facilitates home maintenance, and improves home safety through expert, multi-channel digital content, tailored home recommendations, an interactive in-app experience, and personalized home reminders to members on the platform. vipHomeLink is based in Morristown, New Jersey. www.viphomelink.com
LeakBot’s parent company, Ondo InsurTech Plc is on a mission to become the world’s leading provider of claims prevention technology for home insurers. Ondo’s focus is on the global scale-up of LeakBot – an end-to-end internet of things solution which protects homes from the impact of water damage. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to ‘find and fix’ the problem. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.
LeakBot partners with 11 insurance carriers – including Direct Line Group, Hiscox, Mapfre and TopDanmark – across 5 different countries, in Europe and the USA.
In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).
For more information: https://leakbot.io/
Co-Founder & President, vipHomeLink
General Manager North America – Ondo Plc (LeakBot)