REG - Ondo InsurTech PLC - AGM Trading Statement

Ondo InsurTechAnnouncement

23/09/2024 07:00

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RNS Number : 1355F  Ondo InsurTech PLC  23 September 2024

23 September 2024

 

Ondo InsurTech Plc

("Ondo" or "the Company")

 

AGM Trading Statement

 

Ondo InsurTech PLC (LSE: ONDO), a leading company in claims prevention
technology for home insurers, will hold the Company's Annual General Meeting
at midday today.  At the meeting the Chairman Mark Wood, will make the
following statement to Shareholders.

 

"Since the announcement of our full year results on 29th July the Company has
continued to make further significant progress.  Our total number of
registered customers have continued to grow to 114,000 (+37% year-on-year
growth).

 

In the UK we were pleased to announce our new partnership with NFU Mutual -
one of the largest home insurers in the UK with over 900,000 customers.  We
are working with NFU to deploy the first order of 17,000 LeakBots into the
homes of NFU customers before the end of our financial year.

 

In the Nordics we continue to execute well with our existing partners in
Sweden and Denmark.  A case study of the results achieved by our partner
Länsförsäkringar can be watched online here (link
(https://www.itcdiaeurope.com/dia-tv/video/show-tell-leakbot-itc-dia-europe-amsterdam-2024/)
).

 

Across all geographies we have further improved our already excellent levels
of customer satisfaction - current Net Promoter Score stands at an average of
+84 (UK:85; USA:80; Denmark:84) and a Customer Satisfaction Rating of 4.9/5.

 

We are especially pleased with progress in the USA.  We have now signed 5 US
insurance carriers in the last 12 months including Nationwide (a Fortune 100
financial services company).  Our partners have launched LeakBot in Ohio, New
York, Washington, and New Jersey in the coming weeks.

 

In the United States we are well placed to build on this current momentum.
In October we will present a LeakBot case study to senior executives from 10
of the Top 25 U.S. Property and Casualty insurers ahead of the InsurTech
Connect Conference in Las Vegas.

 

 

 

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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