REG - Ondo InsurTech PLC - New US Contract with Selective Insurance

Ondo InsurTechAnnouncement

26/11/2024 07:00

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RNS Number : 5892N  Ondo InsurTech PLC  26 November 2024

26 November 2024

 

Ondo InsurTech Plc

("Ondo" or "the Company")

 

New Contract with Selective Insurance to Expand LeakBot Offering to 4 More
U.S. States

 

Ondo InsurTech Plc (LSE: ONDO), a leading company in claims prevention
technology for home insurers, is pleased to announce that following a
successful initial launch in New Jersey earlier this year, Selective Insurance
("Selective") has signed a new contract to facilitate a rollout across four
more U.S. states.

 

LeakBot will now also be available to Selective's eligible homeowners
policyholders in Virginia, Pennsylvania, Indiana, and Ohio, making LeakBot a
key part of the insurance company's value-added risk management services in
these states.

 

Consistent with other commercial deals, the order is structured to fund the
working capital requirements of the expansion.

 

Craig Foster, Ondo CEO, said: "This new contract with Selective Insurance
represents another  significant step in our U.S. expansion, reinforcing
LeakBot's position as a proven solution for reducing water damage claims - one
of the largest claims costs for home insurers. Following the successful launch
in New Jersey, we're delighted to see Selective scaling the rollout to
Virginia, Pennsylvania, Indiana, and Ohio. With LeakBot now reaching
homeowners in a total of 18 states through our U.S. partners, we are
delivering tangible value by preventing costly claims and enhancing
policyholder satisfaction. This expansion highlights the growing confidence in
our technology among U.S. insurance carriers."

 

 

 

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/)

 

 

 

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