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 www.ondoplc.com
or contact the following:
|
Ondo InsurTech Plc
|
Craig Foster, CEO
Kevin Withington, CFO
|
+44 (0) 800 783 9866
|
|
Dowgate Capital Ltd
(Broker & Financial
Advisor)
|
Russell Cook
Nick Chambers
Charlie Hall
|
+44 (0) 20 3903 7715
|
|
Cassiopeia Services Ltd
(PR & Investor
Relations)
|
Stefania Barbaglio
|
+44 (0) 7949 690338
|
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