Ondo Insurtech Regulatory News (ONDO)

18 November 2024

Ondo InsurTech Plc

("Ondo" or "the Company")

Indiana Farm Bureau Insurance to Rollout LeakBot in Indiana

Peril Protect LLC, on behalf of Indiana Farm Bureau Insurance, commits to deploy LeakBot into 10,000 home insurance customers' homes in the next 12 months

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to confirm that Peril Protect LLC has signed a contract with LeakBot USA Inc to rollout the LeakBot device and service to Indiana Farm Bureau Insurance's homeowners insurance customers. 

United Farm Family Mutual Insurance Company, doing business as Indiana Farm Bureau Insurance, is rated A (Excellent) by AM Best*. Indiana Farm Bureau Insurance is one of the largest homeowners insurance carriers in Indiana with more than $200 million in written premium.

Following recent announcements regarding LeakBot's results with other carriers in the U.S, and the recent multi-state expansion of the solution, Indiana Farm Bureau Insurance has decided to offer LeakBot's water damage prevention solution to eligible homeowners insurance customers. The initial agreement commits to deploying LeakBot in at least 10,000 homes over the next 12 months, with a minimum term of 24 months.

Consistent with other commercial deals, the order involves upfront payments ahead of anticipated shipments. 

Craig Foster, Ondo CEO, says: "We are pleased to add Indiana Farm Bureau Insurance as our 20th insurance customer worldwide and sixth in the U.S. This is also a milestone in the U.S. as it is the first time a U.S. customer has gone straight to a programmatic rollout and skipped the pilot stage, given the already demonstrable results with other partners."

Isaiah Blackburn, Business Operations Manager for Peril Protect says: "Indiana Farm Bureau Insurance created it's Smart Home Protection Program to help its clients be proactive in protecting their homes and valuables. When it comes to a water event, early detection can be the difference between a minor inconvenience and a major loss. We're proud to work with LeakBot to offer Indiana Farm Bureau Insurance homeowners insurance customers technology to take a proactive approach in protecting their homes against water losses, so they can minimize the frustration that comes with filing a claim, remediation and repairs - not to mention the disruption to daily life."

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 [up to] 70%.

LeakBot partners with 20 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

About Indiana Farm Bureau Insurance

Indiana Farm Bureau Insurance has served Hoosiers for 90 years. Organized in 1934 by Indiana Farm Bureau, Inc., the company has grown to include insurance products for auto, life, home, business and farm. Health plan benefits, banking and other financial services and products are also available through its local offices and online at www.infarmbureau.com. With a home office in downtown Indianapolis and local offices in all 92 counties, Indiana Farm Bureau Insurance serves Hoosiers with more than 400 agents and approximately 1,200 employees living and working throughout the state. The company is a leader in auto and homeowners insurance and the largest writer of farm insurance in the state.

*For the latest Best's Credit Rating, access www.ambest.com.

About Peril Protect LLC

Peril Protect helps bridge the gap for insurance carriers to embrace a technology-driven marketplace. Integrating new technology with insurance offerings can be a daunting task, and insurance carriers must adapt or be left behind by customers who demand more. Peril Protect can seamlessly integrate with insurance carriers to design and implement products and services that relate to or are provided in conjunction with an insurance policy that are intended to educate about, assess, monitor, control, or help prevent risk of loss to person or property. Peril Protect specializes in administering telematics programs, which align with both carrier and customer needs, as well as providing marketing and fulfilment services necessary to ensure success.