Craig Foster discusses various aspects of Ondo InsurTech’s operations, growth strategies, and recent achievements in this interview.
Key points from the interview include:
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- US Trip Success: Craig Foster shares his experiences from a recent trip to the United States, where he met with existing partners like Mutual of Enumclaw, Pure, and Nationwide. The trip was successful, with Ondo InsurTech able to review their progress with these partners and discuss future strategies.
- Nationwide Partnership: The partnership with Nationwide has positively impacted Ondo’s sales pipeline in the US. Foster highlights the significance of this collaboration, emphasizing how it serves as a vote of confidence and accelerates their momentum in the US market.
- Product and Services: Ondo InsurTech’s primary product, LeakBot, is a sensor that detects leaks in homes. This service is offered free to homeowners through insurance policies. The product has been well received, with high net promoter scores, reflecting customer satisfaction.
- R&D Work in Australia: Ondo is conducting research and development in Australia to adapt their product for different climates, particularly for hot areas where plumbing setups are different (pipes located outside homes). This reflects the company’s commitment to innovation and geographical expansion.
- Growth Strategy: Ondo aims to grow its partnerships with insurers in Scandinavia, the UK, and the US. They also plan to collaborate with water companies for water efficiency initiatives, as demonstrated by a recent project in Devon and Cornwall with Southwest Water.
- Challenges and Opportunities: Foster discusses the challenges and opportunities in different markets, including the US and Europe. In the US, insurance claims tend to be higher, and the market is more familiar with connected home products.
- Recognition and Awards: While Ondo InsurTech did not win at a recent PLC award event, the company received substantial support and recognition from the industry, reflecting its growing influence.
Overall, the interview sheds light on Ondo InsurTech’s successful strategies, innovative products, and promising partnerships, highlighting its growing influence in the insurtech space.
