Ondo Insurtech Regulatory News (ONDO)

01 August 2022

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

LeakBot's new rollout with LB Forsikring in Denmark

Ondo InsurTech Plc ("Ondo"), the London-listed insurtech company which aims to be the leading provider of claims prevention technology for home insurers, announces a rollout of its LeakBot across thousands of LB Forsikring members in Denmark starting in September 2022

Following a successful trial of 1,000 LeakBots, which has seen a 50% reduction in claims so far, Denmarks largest member-owned insurance company, LB Forsikring, have committed to roll out at least 10,000 devices to their 126,000 home insurance base in Denmark, with 3,000 being distributed before the end of 2022. The new product deployment will begin in September 2022 and LB members will benefit from a free LeakBot device and free repairs from a LeakBot plumber. 

Highlights

- Successful trial leads to new product deployment with top home insurer in Denmark

- LeakBot be rolled out across thousands of LB Forsikring members

LeakBot, Ondo's proprietary device, can be self-installed by homeowners, who clip it onto their mains pipe and download an app that tracks air and water temperatures. A leak

draws colder water from outside and creates a consistent drop in temperature. Customers are alerted to any leaks found and provided access to specialised LeakBot plumbers.

During the initial pilot, LB Forsikring found that members benefitted from both the reduction in claims and an increased sense of security and reassurance which the LeakBot service provided.

Sune Bille Larsen, Head of LBeta, the innovation hub of LB Forsikring, says: "Water damage caused by hidden leaks is one of our biggest claims causes, with increasing risk due to the cost of homes. However, through our initial pilot with LeakBot, we've seen an opportunity to reduce the risk of escape of water claims using innovative technology and a customer centric solution. We're proud to be rolling out LeakBot across our member base and look forward to seeing the benefit we expect this to provide, to us and our members."

Craig Foster, CEO of Ondo InsurTech Plc, says: "We're very pleased to be rolling out LeakBot across the LB Forsikring member base, following the success of our initial pilot. LB Forsikring's results to date support the evidence we have that we can significantly reduce claims costs for insurers. We look forward to working with the team at LB Forsikring to deliver the same levels of success across their wider book."

Enquiries

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

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).