Ondo Insurtech Regulatory News (ONDO)

10 June 2024

Ondo InsurTech Plc

("Ondo" or "the Company")

Further US development

Nationwide and Pure Underwriting launch LeakBot in Washington, WA

Senior US management appointment

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce further expansion of its operations in the United States.

As anticipated by the recent capital raise and following successful respective launches for Nationwide (in Ohio) and Pure (in New York), both insurers are now expanding their respective LeakBot programs into Washington state. Ondo has an existing engineer support structure in Washington WA, where it is already working with Mutual of Enumclaw.

The Company is also pleased to announce the appointment of Wendi Leibovitz as Director of Customer Success North America.

This key role was specifically highlighted in Ondo's recent investment roadshow as critical support to the existing U.S. sales team. Wendi joins Ondo from SimpliSafe where she ran Embedded Partnerships for the smart home security company. Wendi is a Licensed Property and Casualty ("P&C") insurance agent and is well connected in the U.S. P&C insurance industry. She has highly relevant industry and technology experience, directly transferable into Ondo's growth programme in the United States,

Mrs. Leibovitz started in her post on 3 June, reporting to Jim Strickland, General Manager North America.

Wendi Leibovitz, Director of Customer Success North America said: "I am really pleased to join the team at Ondo. I know from first-hand experience that U.S. insurers are keen to find tech-enabled solutions to tackle rising claims costs, but struggle to find solutions that really deliver a scalable business case. LeakBot stands out as an exciting and highly scalable solution for home insurers across much of the US. I am excited to have the opportunity to be part of this growth."

Craig Foster, Ondo CEO, says: "The Customer Success role is a key hire for Ondo, and we could not have found someone more ideally suited than Wendi with her expertise, experience and industry-specific knowledge. 

I am also encouraged to see both Pure and Nationwide expanding with us into a second state, supporting our strategy to roll out each partnership on a carefully managed state-by-state basis."

Enquiries

For further information, please visit www.ondoplc.com or contact the following:

About Ondo InsurTech PLC

Ondo 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. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 17 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

Ondo holds the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.

For more information, visit www.ondoplc.com