REG - Ondo InsurTech PLC - Deal to Accelerate LeakBot Distribution in Denmark

Ondo InsurTechAnnouncement

03/01/2024 07:15

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RNS Number : 4405Y  Ondo InsurTech PLC  03 January 2024

3 January 2024

 

 

LB Forsikring Inks Strategic Deal to Accelerate LeakBot Distribution Among
Members

 

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology
for home insurers, announces a new deal with Danish mutual insurance company
LB Forsikring to accelerate the distribution of the LeakBot system to their
members.

 

In the last 14 months LB Forsikring has successfully deployed this first order
of almost 10,000 devices and have now signed a further order for 7,500 units
to be distributed during the first 3 months of 2024.

 

 

Sune Bille Larsen, Head of LBeta, the innovation hub of LB Forsikring says:
"We continue to see a great opportunity with LeakBot to reduce the risk of
escape of water claims for us and our members. Our members have been very
engaged with LeakBot so far, with take up rates exceeding our expectations.
We're looking forward to providing more members with the added value of a
LeakBot."

 

Craig Foster, CEO of Ondo InsurTech Plc, says: "Our Danish clients continue to
expand the roll out to their customers and this new order shows the commitment
LB Forsikring has to distributing LeakBot to more of their members,
following the excellent take up rates demonstrated so far. We look forward to
working with them on the roll out of these additional LeakBots in the coming
months."

 

Enquiries:

 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 LB Forsikring

Founded in 1880, LB Forsikring today comprises the brands: Lærerstandens
Brandforsikring for teachers and other educationalists in the education
sector, Bauta Forsikring for nurses and others in the health sector, Runa
Forsikring for policyholders in specific professional groups, and LB
Forsikring til PFA for customers of the pension company PFA.

LB Forsikring is the 4(th) largest insurance company in Denmark with 430,000
members.

 

About Ondo InsurTech PLC

 

Ondo InsurTech Plc 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 70%.

 

LeakBot partners with 15 insurance carriers - including Nationwide, Admiral,
Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe
and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo
InsurTech Plc

(LSE:ONDO) and 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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