SPAQ Spinnaker Acquisitions Plc

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RNS Number : 1769O

Ondo InsurTech PLC

30 January 2023

30 January 2023

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

Länsförsäkringar - Sweden's largest non-life insurer - commences LeakBot rollout

Ondo InsurTech Plc ("Ondo"), the London-listed insurtech company which is the leading provider of claims prevention technology for home insurers, is pleased to announce that Länsförsäkringar has commenced the rollout of the LeakBot service to policyholders across its regional businesses in Sweden following a successful pilot in the Södermanland region.

Länsförsäkringar is the largest non-life insurer in Sweden and has approximately two million home insurance customers who are at risk from water damage claims. Results achieved in the Södermanland region include 40% penetration of addressable policyholders and an impressive 50% increase in new home insurance sales, in addition to validation of the expected claims savings.

The rollout begins with a pre-paid inventory order for LeakBot devices from the second regional business and this is expected to be followed by further orders from this and other Länsförsäkringar regional businesses. Management expect the majority of regional LF businesses to participate in the roll-out.

Lena Högfeldt, CEO of Länsförsäkringar S ö dermanland, says : "The activity in Södermanland has proven just how popular LeakBot is with our policyholders and we're pleased to already be seeing the benefits of introducing LeakBot on acquisition, retention and claims. Other regional businesses within Länsförsakringar are excited by the results and we're glad they are keen to roll out the activity too."

Craig Foster, CEO of Ondo InsurTech Plc, says : "The pilot with Länsförsäkringar in Sweden has been one of our most successful to date and we have found them to be a fantastic partner to work with. Whilst a full roll-out across Sweden remains subject to each regional business taking up the opportunity, it is clear from the arithmetic that the partnership has the potential to underpin the continuing rapid growth of the active LeakBot device fleet over the next 2-3 years".

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 Länsförsäkringar AB

Länsförsäkringar are a member owned insurer and the biggest non-life insurer in Sweden. The group consists of 23 member-owned regional insurance companies that cooperate, thereby combining the ability of a small company to adapt to its members with the strength of a large company. Everything developed in the form of products, concepts and system support is based exclusively on owners' needs. The group has a total of 3.9 million members across all product lines and is the largest non-life insurer in Sweden.

www.lansforsakringar.se

About Ondo InsurTech PLC

Ondo InsurTech Plc 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. 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 Admiral, 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).

www.ondoplc.com

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