Ondo InsurTech PLC New five-year contract (4153F)
10 Luglio 2023 - 8:00AM
UK Regulatory
TIDMONDO
RNS Number : 4153F
Ondo InsurTech PLC
10 July 2023
10 July 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Länsförsäkringar - Sweden's largest non-life insurer - sign new
five-year contract to support national rollout
Ondo InsurTech Plc ("Ondo "), the London-listed leader in claims
prevention technology for home insurers , is pleased to announce
that Länsförsäkringar Trygghetstjänster ("LFTT") have signed a new
five-year contract to support LeakBot's rollout across the
group.
Länsförsäkringar is the largest non-life insurer in Sweden and
has approximately 2 million home insurance customers who are at
risk from water damage claims.
This new five-year agreement is with LFTT - a division of
Länsförsäkringar, providing services for the wider Länsförsäkringar
Group. The contract will allow for LeakBot to be embedded within a
wider Länsförsäkringar product offering, facilitating the
continuing roll out to more regions across Sweden.
Länsförsäkringar first tested LeakBot in the Södermanland
regional pilot which delivered a 40% penetration of addressable
policyholders and an impressive 50% increase in new home insurance
sales, in addition to the prevention of water damage claims.
If LeakBot achieve the same results across the Länsförsäkringar
Group, then the total opportunity is worth over GBP30 million of
revenue.
LeakBot is now already live in 4 of the 23 Länsförsäkringar
regional businesses, with the other regions waiting for
confirmation that this new 5-year agreement is in place before
commencing further expansion.
Andreas Fahlstadt , Head of Business and Market at
Länsförsäkringar Södermanland , says : " Existing LeakBot activity
has proven very popular across the Länsförsäkringar Group and we
look forward to working with LeakBot on the opportunity to increase
engagement and reduce escape of water claims over the coming
years."
Craig Foster, CEO of Ondo InsurTech Plc, says : " We are
thrilled to have the opportunity to put our technology into homes
across Sweden through our growing partnership with the
Länsförsäkringar Group, reducing escape of water claims and
protecting both houses and the environment by fixing leaks and
saving water across the country".
Enquiries
For further information, please visit 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
(PR & Investor Relations) Stefania Barbaglio +44 (0) 7949 690338
About Länsförsäkringar AB
Länsförsäkringar are a member owned insurer and the biggest
non-life insurer in Sweden. The group consists of 23 member-owned
regional insurance companies that cooperate, thereby combining the
ability of a small company to adapt to its members with the
strength of a large company. Everything developed in the form of
products, concepts and system support is based exclusively on
owners' needs. The group has a total of 3.9 million members across
all product lines and is the largest non-life insurer in
Sweden.
For more information, visit www.lansforsakringar.se
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 11 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 www.ondoplc.com
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