SPAQ Spinnaker Acquisitions Plc

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RNS Number : 7509F

Ondo InsurTech PLC

09 November 2022

9 November 2022

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

Hiscox signs contract renewal for LeakBot in the UK

Ondo InsurTech Plc ("Ondo"), the London-listed insurtech company which aims to be the leading provider of claims prevention technology for home insurers, is pleased to announce it has signed a renewal contract with the international insurance group Hiscox, an early adopter of the Leakbot system.

Following the success of activity in the last 3 years, the contract will see Hiscox continue to offer LeakBot to new and existing customers through its direct customer journey and broker network.

Highlights

- Early adopter Hiscox will continue to roll out the LeakBot system in the UK following the success of activity so far.

- New and existing customers will continue to be offered a LeakBot via direct and broker channels.

Hiscox is a leading specialist insurer in the UK, with over 60k home insurance policies. Hiscox have been benefiting from introducing the LeakBot system since 2019 and plan to continue to roll out devices to more of their customer base.

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.

Cheralyn Perry, Head of Art and Private Clients Distribution at Hiscox, says: "LeakBot have been helping Hiscox customers to minimise the frequency of leaks and the impact of any water damage for a while now. Escape of water incidents is disruptive and costly, which is why preventative technologies like this are so important. We're pleased to be continuing our partnership with LeakBot as the results so far have been excellent."

Craig Foster, CEO of Ondo InsurTech Plc, says: "Hiscox were one of the early adopters of LeakBot and we're proud of the success we've seen with Hiscox so far. We look forward to continuing to support them with their efforts to increase the rollout of LeakBot to their new and existing customers."

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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November 09, 2022 02:00 ET (07:00 GMT)

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