RCS - Ondo InsurTech PLC - LeakBot join influential Think Tank

Ondo InsurTechAnnouncement

03/09/2024 07:00

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RNS Number : 6793C  Ondo InsurTech PLC  03 September 2024

3 September 2024

 

Ondo InsurTech Plc

("Ondo" or "the Company")

 

LeakBot invited to join 10 of Top 25 U.S. P&C Insurers in influential
Think Tank

 

Ondo InsurTech PLC (LSE: ONDO), a leading company in claims prevention
technology for home insurers, is pleased to announce that its subsidiary
LeakBot USA Inc has been admitted to the IoT Insurance Observatory in the
United States. The IoT Insurance Observatory is a Think Tank focussed on the
application of Internet of Things (IOT) technologies in Insurance and 10 of
the top 25 U.S. P&C insurers are current members.

 

Insurance IoT Observatory is an eight-year old think tank with the
participation of top executives from the most relevant Insurers, Reinsurers,
and Tech players in the IoT insurance arena.

 

The Observatory is designed to connect people and ideas in order to spread the
innovation culture throughout the insurance market, and has been instrumental
in the success of analogous solutions such as the Ting fire claims prevention
system (now in over 800,000 U.S. homes)

 

Many of Ondo's existing clients are members such as Nationwide, Pure, Admiral
and IAG.  Additionally, some of the other largest U.S. carriers are also
members such as State Farm, USAA, Travelers, Allstate and Hanover.

 

LeakBot have now been invited to join this group and will participate in the
next face-to-face planning sessions scheduled before ITC Las Vegas in October
2024.

 

 

Craig Foster, Ondo InsurTech CEO, says: "The timing is perfect for our
invitation to the IOT Observatory.  We look forward to the opportunity to
share case study results from our recent U.S. deployments with fellow
members".

 

Matteo Carbone, Founder and Director of IoT Observatory , says: "I have
carefully watched the progress of LeakBot over the last few years. It is great
that finally a solution has cracked the scalable model to reduce water damage
claims. I am looking forward to the team's involvement in our next plenary
sessions later this year."

 

 

 

Enquiries

 

For further information, please visit (http://www.ondoplc.com) www.ondoplc.com
(http://www.ondoplc.com)   or contact the following:

 

 Ondo InsurTech Plc                 Craig Foster, CEO       +44 (0) 800 783 9866

                                    Kevin Withington, CFO
 Dowgate Capital Ltd                Russell Cook            +44 (0) 20 3903 7715

 (Broker & Financial Advisor)       Nick Chambers

                                    Charlie Hall
 Cassiopeia Services Ltd            Stefania Barbaglio      +44 (0) 7949 690338

 (PR & Investor Relations)

 

About Ondo InsurTech PLC

 

Ondo is a world leading provider of claims prevention technology for home
insurers.  Ondo's focus is on the global scale-up of LeakBot - claims
prevention technology that prevents water damage claims in houses. 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.
Independent research by Consumer Intelligence found LeakBot can reduce the
cost of water damage claims by [up to] 70%.

 

LeakBot partners with 19 insurance carriers - including Nationwide, Admiral,
Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe
and the USA.

 

Ondo holds the coveted London Stock Exchange Green Economy Mark awarded to
companies who derive the majority of their income from Green activities.

 

For more information, visit www.ondoplc.com (http://www.ondoplc.com/)

 

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