Ondo InsurTech PLC New Partnership with PURE Insurance (6284I)
08 Agosto 2023 - 8:17AM
UK Regulatory
TIDMONDO
RNS Number : 6284I
Ondo InsurTech PLC
08 August 2023
8(th) August 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Ondo InsurTech Announces New Partnership with PURE Insurance
Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims
prevention technology for home insurers, is pleased to announce a
new partnership with PURE Insurance, a U.S.-based property and
casualty insurance company designed exclusively for successful,
responsible families.
PURE opened for business more than 15 years ago with the goal of
offering something different in the insurance space: a company
focused on doing what's right for its membership (policyholders),
one that promotes transparency and alignment of interests, and
delivers greater value. Today, PURE is the most-awarded insurer in
its category and serves a membership of more than 100,000
individuals and families across the U.S.
"We're placing a greater emphasis on risk management and working
hard to find solutions that can aid in reducing the occurrence of
preventable claims for our membership-like those relating to water
damage," said Jason Metzger, Head of Risk Management at PURE
Insurance. "Technologies like LeakBot allow our members to play an
even greater role in loss prevention by identifying small leaks
before they turn into large claims."
PURE plans to pilot a program where it will distribute Ondo's
LeakBot system to a portion of its membership in select states.
"We are very pleased to announce this new agreement today which
demonstrates further validation by U.S. insurers ," said Craig
Foster, CEO of Ondo InsurTech Plc. " We look forward to working
with PURE."
Enquiries
For further information, please visit www.ondoplc.com or contact
the following:
Jim Strickland,
General Manager -
Ondo InsurTech Plc North America +001 817 807 8962
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 PURE
Privilege Underwriters Reciprocal Exchange (PURE) is dedicated
to creating an exceptional experience for responsible high net
worth families, providing customizable coverage for high-value
homes, automobiles, jewelry, art, personal liability, watercraft,
flood, fraud and cyber fraud. PURE's low cost of capital, careful
member selection and proactive risk management all contribute to
highly competitive rates and a Financial Strength Rating of "A
(Excellent)" from A.M. Best Company, Inc. PURE has sustained at
least 15% annual growth in each year since its inception and now
serves more than 100,000 members across the United States.
PURE is a Florida domiciled reciprocal insurer. PURE Risk
Management, LLC (PRM), a for-profit entity serves as PURE's
attorney-in-fact for a fee. PRM is a subsidiary of Privilege
Underwriters, Inc., a member of the Tokio Marine Group of
Companies. This material is descriptive only. The precise coverage
offered is subject to the terms and conditions of the policies
issued. PURE membership requires an executed Subscriber's Agreement
& Power of Attorney (Agreement). Allocations to Subscriber
Savings Accounts is subject to the terms of the Agreement and
approval of the Florida Office of Insurance Regulation. You can
view the Agreement and obtain additional information at
pureinsurance.com.
Trademarks are property of PRM and used with permission. (c)2023
PRM. All Rights Reserved. 44 South Broadway, Suite 301, White
Plains, New York 10601.
For more information or to find a local independent broker,
visit pureinsurance.com . Follow PURE on Twitter, LinkedIn,
Instagram and Facebook.
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 13 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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