Ondo InsurTech PLC Deal to Accelerate LeakBot Distribution in Denmark (4405Y)

TIDMONDO

RNS Number : 4405Y

Ondo InsurTech PLC

03 January 2024

3 January 2024

LB Forsikring Inks Strategic Deal to Accelerate LeakBot Distribution Among Members

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, announces a new deal with Danish mutual insurance company LB Forsikring to accelerate the distribution of the LeakBot system to their members.

In the last 14 months LB Forsikring has successfully deployed this first order of almost 10,000 devices and have now signed a further order for 7,500 units to be distributed during the first 3 months of 2024.

Sune Bille Larsen, Head of LBeta, the innovation hub of LB Forsikring says : "We continue to see a great opportunity with LeakBot to reduce the risk of escape of water claims for us and our members. Our members have been very engaged with LeakBot so far, with take up rates exceeding our expectations. We're looking forward to providing more members with the added value of a LeakBot."

Craig Foster, CEO of Ondo InsurTech Plc, says : " Our Danish clients continue to expand the roll out to their customers and this new order shows the commitment LB Forsikring has to distributing LeakBot to more of their members, following the excellent take up rates demonstrated so far. We look forward to working with them on the roll out of these additional LeakBots in the coming months."

Enquiries:

 
                               Craig Foster, CEO 
                                Kevin Withington, 
 Ondo InsurTech Plc             CFO                  +44 (0) 800 783 9866 
 Dowgate Capital Ltd           Russell Cook 
  (Broker & Financial           Nick Chambers 
  Advisor)                      Charlie Hall         +44 (0) 20 3903 7715 
 Cassiopeia Services 
  Ltd 
  (PR & Investor Relations)    Stefania Barbaglio    +44 (0) 7949 690338

About LB Forsikring

Founded in 1880, LB Forsikring today comprises the brands: Lærerstandens Brandforsikring for teachers and other educationalists in the education sector, Bauta Forsikring for nurses and others in the health sector, Runa Forsikring for policyholders in specific professional groups, and LB Forsikring til PFA for customers of the pension company PFA.

LB Forsikring is the 4(th) largest insurance company in Denmark with 430,000 members.

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. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 15 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc

(LSE:ONDO) and 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

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