SPAQ Spinnaker Acquisitions Plc

TIDMONDO

RNS Number : 3448M

Ondo InsurTech PLC

23 May 2022

23 May 2022

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

Ondo expands LeakBot into the State of New York

New agreement signed to provide LeakBot to homeowners insurance customers in New York State

Ondo InsurTech Plc ("Ondo") the London-listed insurtech company boasting a proprietary, patented water management security technology, announces that it is further expanding in the United States. Following the success of previous activity in New Jersey, Ondo has signed a second agreement with an existing insurance partner to begin marketing LeakBot products to insurance customers in the state of New York.

Ondo aims to become the world leader in claim prevention technology for home insurers. The launch of LeakBot into New York is the latest step in that direction.

New York State is the fourth most populated state in the country, after California, Texas and Florida. It is the third state in which LeakBot is now operational, following previous launches into New Jersey and in the state of Massachusetts with The Commerce Insurance Company ("MAPFRE").

Highlights

- LeakBot will be offered through partner brands for free, with repair services also provided by Ondo in the state of New York

   -       This follows the insurers launch of LeakBot into the state of New Jersey in October 2020 

LeakBot's launch into New York follows the recent news that LeakBot USA Inc was incorporated on 22 March 2022, and Jim Strickland has been appointed as General Manager for North America.

Ondo's United States strategy is to accelerate the roll-out of this highly scalable business by working directly with insurance carriers. The LeakBot device is delivered and fitted with no additional charge to insured households. The insurance carrier's return is from the reduction in the number and size of leak-claims made on Property and Casualty ("P&C") policies.

Craig Foster, CEO of Ondo InsurTech Plc, says: "With LeakBot we have a unique solution in the North American P&C market that solves the problem of escape of water claims in a scalable way for US insurers. We are pleased to announce our 3(rd) US state will now launch and look forward to further collaborations with our existing insurance partner."

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 10 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.

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May 23, 2022 02:00 ET (06:00 GMT)

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