SPAQ Spinnaker Acquisitions Plc

TIDMONDO

RNS Number : 1824K

Ondo InsurTech PLC

04 May 2022

04 May 2022

Ondo InsurTech Plc ("Ondo" or "the Company")

Ondo expands LeakBot roll out in Denmark

New agreement signed with Privatsikring to provide LeakBot to homeowners in Denmark

Ondo InsurTech Plc ("Ondo") the London-listed insurtech company boasting a proprietary, patented water management security technology, announces that it is further expanding it's roll out in Denmark, and has signed a new agreement with Forsikringsselskabet Privatsikring A/S ("Privatsikring") to market LeakBot products to non-life insurance customers.

Highlights

- LeakBot will be offered by Privatsikring for free, with repair services also provided by Ondo in Denmark

- This follows the success of previous trial activity with Privatsikring introducing LeakBot services

Privatsikring are now LeakBot's third insurance partner in Denmark, following the successful partnerships with TopDanmark and LB Forsikring.

The new signing follows the recent news that TopDanmark have been nominated for a Danish Digital Award for their application of LeakBot, sighting that they have installed 10,000 units in customers home, saved 3 million litres of water and seen a 25% reduction in damage claims.

Helle Kjærgaard, CEO at Privatsikring, says: "At Privatsikring we are proud to be offering Ondo InsurTech's innovative solution to our customers, which will not only reduce claims costs but will also add value to our policy holders and help to prevent water loss, which is important to us and our customers."

Craig Foster, CEO of Ondo InsurTech Plc, says: "Denmark has so far been a great market for LeakBot with both insurers and Danish homeowners finding a huge amount of value in the technology and service. We are pleased to announce Privatsikring as our third insurance partner here and look forward to a long collaboration with the team."

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 Ondo InsurTech Plc

Ondo InsurTech Plc works with home insurers to deploy proprietary solutions to deliver sustainable risk reduction. Ondo's focus is on the global scale-up of LeakBot - an end-to-end internet of things solution which protects homes from the impact of water damage. 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.

LeakBot partners with 9 insurance carriers - including 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.

About Privatsikring

Forsikringsselskabet Privatsikring A / S is a Codan owned company which works in collaboration with Lokale Pengeinstitutter, Spar Nord and Nykredit allowing customers to take out insurance and manage banking for private and business customers.

Alm. Brand announced their acquisition of Codan earlier this week, making them a leading Danish insurance group that covers all families, companies and agriculture in all sizes and in all parts of the country.

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May 04, 2022 02:00 ET (06:00 GMT)

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