Mark Fairbairn from StockBox Media spoke with Craig Foster, CEO of Ondo InsurTech Plc, about the company’s growing momentum in the U.S.
- Expanding U.S. Presence: Ondo secured new partnerships, with Pure expanding into six states, reinforcing its role in preventing water damage claims for insurers.
- Industry Influence: Ondo is actively engaging with top insurers through the IoT Observatory and trade shows, mirroring successful strategies from industry leaders.
- Future Growth: More U.S. and European deals are in late-stage discussions, with strong interest from UK insurers due to rising water damage claim costs.
Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, announced that Privilege Underwriters Reciprocal Exchange (“PURE Insurance”), a member-owned property and casualty insurer, is expanding its LeakBot program beyond just downstate New York to now also include Indiana, North Carolina, New Jersey, Ohio, Pennsylvania and Washington.
LeakBot is an easy-to-install sensor that clips onto a pipe near a home’s main water supply and detects hidden leaks before they become significant claims. PURE offers LeakBot and their plumbing repair service to eligible members at no cost.
Craig Foster, Ondo CEO, says: “PURE Insurance is a great partner. Their commitment to proactive risk management and a shared risk model is driving member engagement that is significantly higher than we see in most other insurance companies. We look forward to continuing to provide compelling results as we transition from a pilot project in a single state to a wider test of the LeakBot solution for PURE Insurance members across seven states.”
Jack Willis, Head of Loss Prevention Solutions at PURE Insurance, says: “We’re delighted to expand the LeakBot program to even more PURE members following a successful pilot program in New York. Year over year, water damage is the most common and costly cause of loss for our membership. Our partnership with Ondo gives eligible members a promising tool in the battle against water damage.”
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, technology that prevents water damage claims in homes. Water damage is the single biggest cause of home insurance claims, accounting for $17 billion annually in the USA and UK combined. LeakBot is a patented, self-install solution that connects to a home’s wireless network and alerts the homeowner via the LeakBot mobile app if a leak is detected, offering access to a team of expert engineers to locate and fix the issue.
Ondo partners with 23 insurance carriers, including Nationwide, Liberty Mutual, Admiral, Direct Line Group, Hiscox, Länsförsäkringar, and TopDanmark, across Europe and the USA.
Ondo holds the London Stock Exchange Green Economy Mark, awarded to companies deriving the majority of their income from green activities.
For more information, visit www.ondoplc.com
