Ondo Insurtech Regulatory News (ONDO)

10 July 2023

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

 Länsförsäkringar - Sweden's largest non-life insurer - sign new five-year contract to support national rollout

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that Länsförsäkringar Trygghetstjänster ("LFTT") have signed a new five-year contract to support LeakBot's rollout across the group.

Länsförsäkringar is the largest non-life insurer in Sweden and has approximately 2 million home insurance customers who are at risk from water damage claims.

This new five-year agreement is with LFTT - a division of Länsförsäkringar, providing services for the wider Länsförsäkringar Group. The contract will allow for LeakBot to be embedded within a wider Länsförsäkringar product offering, facilitating the continuing roll out to more regions across Sweden. 

Länsförsäkringar first tested LeakBot in the Södermanland regional pilot which delivered a 40% penetration of addressable policyholders and an impressive 50% increase in new home insurance sales, in addition to the prevention of water damage claims.

If LeakBot achieve the same results across the Länsförsäkringar Group, then the total opportunity is worth over £30 million of revenue. 

LeakBot is now already live in 4 of the 23 Länsförsäkringar regional businesses, with the other regions waiting for confirmation that this new 5-year agreement is in place before commencing further expansion.

Andreas Fahlstadt, Head of Business and Market at Länsförsäkringar Södermanland, says: "Existing LeakBot activity has proven very popular across the Länsförsäkringar Group and we look forward to working with LeakBot on the opportunity to increase engagement and reduce escape of water claims over the coming years."

Craig Foster, CEO of Ondo InsurTech Plc, says: " We are thrilled to have the opportunity to put our technology into homes across Sweden through our growing partnership with the Länsförsäkringar Group, reducing escape of water claims and protecting both houses and the environment by fixing leaks and saving water across the country".

Enquiries

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

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.

 For more information, visit 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).

For more information, visit www.ondoplc.com