ONDO Ondo Insurtech Plc

23 September 2024

Ondo InsurTech Plc

("Ondo" or "the Company")

AGM Trading Statement

Ondo InsurTech PLC (LSE: ONDO), a leading company in claims prevention technology for home insurers, will hold the Company's Annual General Meeting at midday today.  At the meeting the Chairman Mark Wood, will make the following statement to Shareholders.

"Since the announcement of our full year results on 29th July the Company has continued to make further significant progress.  Our total number of registered customers have continued to grow to 114,000 (+37% year-on-year growth). 

In the UK we were pleased to announce our new partnership with NFU Mutual - one of the largest home insurers in the UK with over 900,000 customers.  We are working with NFU to deploy the first order of 17,000 LeakBots into the homes of NFU customers before the end of our financial year.

In the Nordics we continue to execute well with our existing partners in Sweden and Denmark.  A case study of the results achieved by our partner Länsförsäkringar can be watched online here (link).

Across all geographies we have further improved our already excellent levels of customer satisfaction - current Net Promoter Score stands at an average of +84 (UK:85; USA:80; Denmark:84) and a Customer Satisfaction Rating of 4.9/5. 

We are especially pleased with progress in the USA.  We have now signed 5 US insurance carriers in the last 12 months including Nationwide (a Fortune 100 financial services company).  Our partners have launched LeakBot in Ohio, New York, Washington, and New Jersey in the coming weeks.  

In the United States we are well placed to build on this current momentum.  In October we will present a LeakBot case study to senior executives from 10 of the Top 25 U.S. Property and Casualty insurers ahead of the InsurTech Connect Conference in Las Vegas.  

Enquiries

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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