REG - Ondo InsurTech PLC - New LeakBot Rollout in Indiana

Ondo InsurTechAnnouncement

18/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241118:nRSR5199Ma&default-theme=true

RNS Number : 5199M  Ondo InsurTech PLC  18 November 2024

18 November 2024

 

Ondo InsurTech Plc

("Ondo" or "the Company")

 

Indiana Farm Bureau Insurance to Rollout LeakBot in Indiana

 

Peril Protect LLC, on behalf of Indiana Farm Bureau Insurance, commits to
deploy LeakBot into 10,000 home insurance customers' homes in the next 12
months

 

 

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology
for home insurers, is pleased to confirm that Peril Protect LLC has signed a
contract with LeakBot USA Inc to rollout the LeakBot device and service to
Indiana Farm Bureau Insurance's homeowners insurance customers.

 

United Farm Family Mutual Insurance Company, doing business as Indiana Farm
Bureau Insurance, is rated A (Excellent) by AM Best*. Indiana Farm Bureau
Insurance is one of the largest homeowners insurance carriers in Indiana with
more than $200 million in written premium.

 

Following recent announcements regarding LeakBot's results with other carriers
in the U.S, and the recent multi-state expansion of the solution, Indiana Farm
Bureau Insurance has decided to offer LeakBot's water damage prevention
solution to eligible homeowners insurance customers. The initial agreement
commits to deploying LeakBot in at least 10,000 homes over the next 12 months,
with a minimum term of 24 months.

 

Consistent with other commercial deals, the order involves upfront payments
ahead of anticipated shipments.

 

Craig Foster, Ondo CEO, says: "We are pleased to add Indiana Farm Bureau
Insurance as our 20(th) insurance customer worldwide and sixth in the U.S.
This is also a milestone in the U.S. as it is the first time a U.S. customer
has gone straight to a programmatic rollout and skipped the pilot stage, given
the already demonstrable results with other partners."

 

Isaiah Blackburn, Business Operations Manager for Peril Protect says: "Indiana
Farm Bureau Insurance created it's Smart Home Protection Program to help its
clients be proactive in protecting their homes and valuables. When it comes to
a water event, early detection can be the difference between a minor
inconvenience and a major loss.  We're proud to work with LeakBot to offer
Indiana Farm Bureau Insurance homeowners insurance customers technology to
take a proactive approach in protecting their homes against water losses, so
they can minimize the frustration that comes with filing a claim, remediation
and repairs - not to mention the disruption to daily life."

 

 

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 20 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/)

 

 

About Indiana Farm Bureau Insurance

 

Indiana Farm Bureau Insurance has served Hoosiers for 90 years. Organized in
1934 by Indiana Farm Bureau, Inc., the company has grown to include insurance
products for auto, life, home, business and farm. Health plan benefits,
banking and other financial services and products are also available through
its local offices and online at www.infarmbureau.com. With a home office in
downtown Indianapolis and local offices in all 92 counties, Indiana Farm
Bureau Insurance serves Hoosiers with more than 400 agents and approximately
1,200 employees living and working throughout the state. The company is a
leader in auto and homeowners insurance and the largest writer of farm
insurance in the state.

*For the latest Best's Credit Rating, access www.ambest.com
(http://www.ambest.com) .

 

 

About Peril Protect LLC

 

Peril Protect helps bridge the gap for insurance carriers to embrace a
technology-driven marketplace. Integrating new technology with insurance
offerings can be a daunting task, and insurance carriers must adapt or be left
behind by customers who demand more. Peril Protect can seamlessly integrate
with insurance carriers to design and implement products and services that
relate to or are provided in conjunction with an insurance policy that are
intended to educate about, assess, monitor, control, or help prevent risk of
loss to person or property. Peril Protect specializes in administering
telematics programs, which align with both carrier and customer needs, as well
as providing marketing and fulfilment services necessary to ensure success.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRBRBJTMTABBLI