LeakBot is an end-to-end IoT escape of water claims mitigation solution. They seek to prevent small leaks from becoming big claims for home insurers. Michael Fiedel sat with Jim Strickland to learn more about how LeakBot is impacting the industry.
What is LeakBot’s client focus?
“We work with P&C insurance companies that write home insurance.”
What does your product do?
“LeakBot reduces both severity and frequency of non-weather water loss.”
How much capital have you raised?
“Our IPO (Initial Public Offering) plus our secondary public offering on the London Stock Exchange is raised over $8 million.”
Was the company born from within or outside the industry?
“Our team consists of people from within and outside of the industry.”
What growth metrics have you accomplished over the last 12 months?
“In the last 18 months, we have tripled our number of US home insurance partners.”
Within your domain, what is the current challenge that the industry is facing?
“It's non-weather water losses. That's the big issue that we're trying to solve for our insurance carrier partners. How do we reduce non-weather water losses? Roughly 30 percent of all losses come from non-weather water losses. They're getting worse in terms of severity and frequency. There have been six or seven years worth of solutions that have come to the industry, none of which have solved this problem until we brought LeakBot to the market.”
How does LeakBot take a unique approach to providing value?
“It's a complete solution to find and fix small micro leaks in homes. Micro leaks are the precursors to non-weather water claims in homes. A single, self-installed clip-on sensor monitors your water system 24/7, looking for micro leaks. If we detect a micro leak, we send the homeowner a notification on their app, an email and a text message, sending them down a self-diagnostic process to find the leak on their own and fix it. Many times it’s just a faucet that's been left on or a leaky toilet flapper. However, if the homeowner can't find the leak, they have the option within the app to request one of our plumbers to come find and fix it. The entire service is free to the homeowner and paid for by their insurance company. That’s a delightful experience for a homeowner.”
What inspired the team to start this company?
“Ondo was the innovation organization within HomeServe in the UK. HomeServe has a 30-year plumbing service line business. They sell those service contracts from the street to your house, monitoring the waterline. Ondo invented this product, and that's how it came to market. It was definitely an interesting development.”
Can you share any goals for the next 12 months?
“We have tripled the business in the United States in the last 18 months. We want to do that or more by adding more partners. So, the focus of the company is additional investment into the US market to capitalize on the growth that we've had so far and to accelerate that growth next year.”
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