3 September
2024
Ondo InsurTech Plc
("Ondo" or the
"Company")
Contract with NFU
Mutual
NFU to roll out
17,000 LeakBots by January 2025
Ondo Insurtech (LSE: ONDO),
a leading company in claims prevention technology
for home insurers, is pleased to announce that it has
yesterday signed a contract with National Farmers Union Mutual
("NFU Mutual") to introduce LeakBot to their members.
Under the terms of the Contract, NFU Mutual
will deploy LeakBots from October 2024, with a planned roll out of
17,000 units to be deployed by January 2025. Subject to the success
of this initial roll-out NFU Mutual intends that LeakBot will then
be rolled out across its members.
NFU Mutual is a member owned insurer, with over
900,000 customers, one of the top ten largest general insurance
companies in the UK. LeakBot has been selected to provide a
solution for reducing household water damage claims, whilst
providing a quality service to their customers.
Craig Foster,
Ondo CEO, says:
"This agreement with NFU Mutual demonstrates
the impact of LeakBot's reputation for delivering on our commitment
to reduce escape of water claims and for providing a quality
service for our customers. We look forward to working
with NFU Mutual to help reduce their claims costs whilst improving
customer experience and loyalty."
Phil Cooper,
Propositions Manager at NFU Mutual,
said:
"As a mutual insurer, we try to go beyond
simply offering an excellent service at point of claim. This means
supporting our customers to reduce risk, effectively protecting
their property and preventing them from having to claim.
"Escape of water is one of the most damaging
and disrupting things that can happen to a homeowner, causing
devastating damage with little warning.
"We believe this partnership with LeakBot will
help us support our customers by providing an effective early
warning system for escape of water before it develops into a
serious issue and look forward to seeing the positive impact this
has for our members."
Enquiries
For further information, please visit www.ondoplc.com or
contact the following:
|
Ondo InsurTech Plc
|
Craig Foster, CEO
Kevin Withington, CFO
|
+44 (0) 800 783 9866
|
|
Dowgate Capital Ltd
(Broker & Financial Advisor)
|
Russell Cook
Nick Chambers
Charlie Hall
|
+44 (0) 20 3903 7715
|
|
Cassiopeia Services Ltd
(PR & Investor Relations)
|
Stefania Barbaglio
|
+44 (0) 7949 690338
|
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 19 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