SPAQ Spinnaker Acquisitions Plc

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RNS Number : 7231S

Ondo InsurTech PLC

18 July 2022

18 July 2022

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

Landmark signing as the first mainstream insurer launches LeakBot in the UK

Admiral to introduce LeakBot to 20k customers over next 6 months

Ondo InsurTech Plc ("Ondo"), the London-listed insurtech company which aims to be the leading provider of claims prevention technology for home insurers, announces the signing of a landmark contract with insurer Admiral, to expand to new customers in the UK.

The contract will see Admiral provide 20k customers with a LeakBot in 6 months from July.

Highlights

   -      This is the first mainstream insurer to launch LeakBot in the UK 
   -      20k Admiral customers will receive a free LeakBot and free repairs this year 

Admiral has over 1.3m home insurance customers in the UK and is a leading home insurance brand in new business, with a 11% growth in acquisition last FY. The 20k trial with Admiral's Platinum cover customer group, will be used to scope out the opportunity for a larger scale roll out across the Admiral book.

The new signing follows the release of the Consumer Intelligence independent research which found that insurers save 70% in water damage claims by introducing LeakBot.

Noel Summerfield, Head of Household at Admiral, says: "At Admiral, we're always striving for better for our customers, using innovation to offer new products and solutions to help customers look after their homes and belongings. Partnering with Ondo and LeakBot is testament to our investment in the very best household IoT innovation - helping to drastically reduce the major headache and costs that come with water damage through unexpected leaks."

Craig Foster, CEO of Ondo InsurTech Plc, says: "We're very pleased to be working with one of the largest insurers in the UK. We now have the evidence that we can significantly reduce claims costs for insurers and we look forward to working with the team at Admiral to apply our proven model to a wider customer base."

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 is on a mission to become the world's leading provider of claims prevention technology for home insurers. 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. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 11 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 (LSE:ONDO).

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July 18, 2022 02:00 ET (06:00 GMT)

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