REG - Ondo InsurTech PLC - Southern Water agreement

Ondo InsurTechAnnouncement

09/08/2023 07:00

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RNS Number : 6996I  Ondo InsurTech PLC  09 August 2023

9(th) August 2023

 

Ondo InsurTech Plc ("Ondo" or "the Company")

 

Second water company to introduce LeakBot - Southern Water agreement announced

 

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention
technology for home insurers, is pleased to announce an agreement with
Southern Water to drive water efficiency within their area.

 

Southern Water will carry out an initial pilot in the coming months and
introduce LeakBot to over 1k customers within their area, with the aim of
achieving similar water reduction results as the Portsmouth Water trial
carried out earlier in the year.

 

LeakBot achieved a 60% reduction in water leaks within the Portsmouth Water
area, which is estimated to equate to 24 litres per day, or 67% of the 36
litres/day Ofwat target. The results were announced at the Spring Innovation
Showcase in June, attended by over 100 professionals in the water industry,
including representatives from all UK water companies.

 

Southern Water provides water to over 2.5 million homes. Based on the
Portsmouth Water findings, if LeakBot were rolled out to Southern Water
customers 83 megalitres of water a day could be saved, the equivalent of 32
Olympic swimming pools.

 

Tim McMahon, Managing Director of Water at Southern Water says: "There has
never been a more pressing time to save every drop of water. The South East is
officially water stressed. Climate change, causing hotter summers and less
rainfall, and population growth means we have more people and less water to go
around. So, we must act to reduce water  wastage.

 

We're working with our customers reduce water use and are exploring new
technology to help us find and fix more leaks quickly in our network.  We've
been impressed by the results of the activity we've seen so far from LeakBot
and we're looking forward to seeing the impact this technology could have on
reducing leaks and improving engagement in the Southern Water area."

 

Craig Foster, Ondo CEO, says: "We're increasingly excited about the
opportunity to work with water companies to reduce water wasted through leaks.
When combining the business cases for both water companies and insurers, we
have a proposition which could scale quickly and really add benefit to both
industries and their customers. To get us closer to this large-scale
opportunity, we're looking forward to working with Southern Water on our
second pilot within the water industry ."

 

 

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
 SI Capital Ltd                  Nick Emerson        +44 (0) 1483 413500

 (Company Broker)                Jon Levinson        +44 (0) 20 3143 0600
 Cassiopeia Services Ltd         Stefania Barbaglio  +44 (0) 7949 690338

 (PR & Investor Relations)

 

 

About Southern  Water

 

Southern Water provides essential water services to 2.7 million customers and
wastewater services to more than 4.7 million customers across Kent, Sussex,
Hampshire and the Isle of Wight.

 

Comprising over 700 miles of coastline, two National Parks and five Areas of
Outstanding Natural Beauty, chalk rivers, ancient woodland, wetlands and
downland, our region is as diverse as the populations we serve.

 

Our vision is to create a resilient water future for our customers in the
South East. Our 13,919-kilometre network, 232 service reservoirs and 655
pumping stations deliver a continuous supply of clean water to our customers
at a regulated pressure level. In 2022-23, we put 566 million litres per day
into supply.

 

Our 39,973 kilometres of sewers and 3,499 pumping stations collect wastewater
from our customers' homes and businesses, and from the drains outside. Each
day, 1,248 million litres of wastewater is received and cleaned at our 363
treatment works, meeting strict environmental standards before being returned
to the environment.

 

For more information visit: www.southernwater.co.uk
(http://www.southernwater.co.uk)

 

 

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.
Recent independent research by Consumer Intelligence found LeakBot can reduce
the cost of water damage claims by 70%.

 

LeakBot partners with 14 insurance carriers - including Admiral, Direct Line
Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe
and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo
InsurTech Plc (LSE:ONDO).

 

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

 

 

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