Last checked at 6 Jun 2023 07:00
6th June 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Portsmouth Water LeakBot Pilot results announced: reducing leaks by 60%
Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce the Portsmouth Water LeakBot pilot results today.
● In the Portsmouth Water trial 24% of houses that installed a LeakBot had a pre-existing leak.
● Data from the pilot shows that after 6 months there had been a 60% reduction in the number of leaks
● This equates to achieving the majority of the long-term Ofwat target of Water Companies reducing household consumption by 36 litres/day
● LeakBot data suggests leakage on a national basis is even higher with 30% of houses having a pre-existing leak - equivalent to the average house wasting around 40 litres per day.
● Following the successful trial, Portsmouth Water is considering a wider rollout to reduce in-home consumption.
The results are being shared today with Water Companies across England and Wales at 10am at the Spring Innovation Knowledge Showcase. Presenting alongside representatives from Ondo are also the CEO of Portsmouth Water Bob Taylor and Ofwat Director of Policy and Outcomes Beth Corbould.
Ofwat have created an innovation fund of up to £100m to encourage solutions that can drive water efficiency in England and Wales from 2024 onwards.
Based on these pilot results £100m could be enough to install LeakBot in over 3,000,000 UK houses and achieve an ongoing water saving of up to 100 megalitres per day - enough water to fill 38 Olympic size swimming pools every day and help the UK to meet its stretching water efficiency goals in the coming years.
Bob Taylor, Portsmouth Water CEO says: "The trial was a great success with high levels of customer engagement from day 1. We were pleasantly surprised to see that LeakBot could reduce leaks by 60% in just 6 months and there's an opportunity to further reduce consumption through LeakBot's high usage alerts. We're now considering a wider rollout as part of our strategy to prevent and resolve leakage."
Craig Foster, Ondo CEO, says: "The findings for Portsmouth Water supported what we see in the data across the UK, which shows that we could achieve most if not all of Ofwat's 36 litre per day consumption reduction target in houses in England and Wales. We look forward to progressing conversations with Portsmouth Water about next steps and presenting the full findings to other UK water companies today."
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 (Company Broker) | Nick Emerson Jon Levinson | +44 (0) 1483 413500 +44 (0) 20 3143 0600 |
Cassiopeia Services Ltd (PR & Investor Relations) | Stefania Barbaglio | +44 (0) 7949 690338
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About Portsmouth Water
Portsmouth Water have been supplying water to Portsmouth and the surrounding area since 1857.
The area supplied by the Company extends through South East Hampshire and West Sussex from the River Meon in the West to the river Arun in the East, encompassing 868 sq. kilometres.
Portsmouth Water provide high quality public water supplies to a domestic population exceeding 698,000, as well as many important industries, large defence establishments and varied commercial businesses.
For more information, visit https://www.portsmouthwater.co.uk/
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