3 September
2024
Ondo InsurTech Plc
("Ondo" or "the
Company")
LeakBot invited to join 10 of
Top 25 U.S. P&C Insurers in influential Think
Tank
Ondo InsurTech PLC (LSE:
ONDO), a leading company in claims
prevention technology for home insurers, is pleased to
announce that its subsidiary LeakBot USA Inc has been admitted to
the IoT Insurance Observatory in the United States. The IoT
Insurance Observatory is a Think Tank focussed on the application
of Internet of Things (IOT) technologies in Insurance and 10 of the
top 25 U.S. P&C insurers are current members.
Insurance IoT Observatory is an eight-year old
think tank with the participation of top executives from the most
relevant Insurers, Reinsurers, and Tech players in the IoT
insurance arena.
The Observatory is designed to connect people
and ideas in order to spread the innovation culture throughout the
insurance market, and has been instrumental in the success of
analogous solutions such as the Ting fire claims prevention system
(now in over 800,000 U.S. homes)
Many of Ondo's existing clients are members
such as Nationwide, Pure, Admiral and IAG. Additionally, some
of the other largest U.S. carriers are also members such as State
Farm, USAA, Travelers, Allstate and Hanover.
LeakBot have now been invited to join this
group and will participate in the next face-to-face planning
sessions scheduled before ITC Las Vegas in October 2024.
Craig Foster,
Ondo InsurTech CEO, says: "The timing is
perfect for our invitation to the IOT Observatory. We look
forward to the opportunity to share case study results from our
recent U.S. deployments with fellow members".
Matteo
Carbone, Founder and Director of IoT Observatory
, says: "I have carefully watched the progress of LeakBot
over the last few years. It is great that finally a solution has
cracked the scalable model to reduce water damage claims. I am
looking forward to the team's involvement in our next plenary
sessions later this year."
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 19 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