TIDMONDO
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 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 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
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 www.ondoplc.com
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