Ondo Insurtech (LON: ONDO), a leading company in claims prevention technology for home insurers, announced that the Company attending the ITC DIA Europe Show in Amsterdam. Ondo is presenting with one of its long-standing customers, Länsförsäkringar (“LF”). LF are Sweden’s largest non-life insurance company.
During the joint presentation LF confirmed that it has achieved a reduction of 40% in gross water damage claims costs in the LF Sörmland region. This was the first LF region to deploy LeakBot, with 40% of the customer base adopting the LeakBot solution.
Craig reflects on the growth and impact of their flagship product, LeakBot. Introduced five years ago at this very conference! LeakBot has significantly reduced water damage claims and operational costs for its partners.
The video is an interview with Craig Foster, CEO of ONDO InsurTech, and Andreas Fad from Länsförsäkringar, discussing the success of their flagship product, LeakBot. Key points include:
- Introduction and Background:
- The interview reflects on the growth of LeakBot, which was introduced five years ago.
- LeakBot has significantly reduced water damage claims and operational costs for partners.
- Recent Developments:
- ONDO signed a 12-month trial with a UK insurer, AGS, and plans to expand into Washington DC with Nationwide and Pure.
- Wendy was appointed as the director of customer services to support US growth.
- Success in Europe:
- Andreas shared that LeakBot has been easy for customers to install, achieving an 80% install rate.
- Länsförsäkringar has seen a 40% reduction in water damage claims, leading to plans for wider rollout across all regions.
- Strategic Growth:
- ONDO is focusing on state-by-state expansion in the US to ensure trained plumbers are available.
- The recent ISO certification enhances their credibility and facilitates procurement processes with large insurers.
- Future Plans:
- Craig emphasized the consistency of their strategy, sticking to core markets and partners, with substantial opportunities in the US and Sweden.
- LeakBot’s patent protection allows for a focused growth strategy.
The interview highlights ONDO InsurTech’s successful growth trajectory with LeakBot and their strategic plans for further expansion and customer satisfaction.
