Ondo Insurtech (LON: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce that it has yesterday signed a contract with National Farmers Union Mutual (“NFU Mutual”) to introduce LeakBot to their members.
Under the terms of the Contract, NFU Mutual will deploy LeakBots from October 2024, with a planned roll out of 17,000 units to be deployed by January 2025. Subject to the success of this initial roll-out NFU Mutual intends that LeakBot will then be rolled out across its members.
NFU Mutual is a member-owned insurer with over 900,000 customers, one of the top ten largest general insurance companies in the UK. LeakBot has been selected to provide a solution for reducing household water damage claims while providing quality service to its customers.
Craig Foster, Ondo CEO, says:
“This agreement with NFU Mutual demonstrates the impact of LeakBot’s reputation for delivering on our commitment to reduce escape of water claims and for providing a quality service for our customers. We look forward to working with NFU Mutual to help reduce their claims costs whilst improving customer experience and loyalty.”
Phil Cooper, Propositions Manager at NFU Mutual, said:
“As a mutual insurer, we try to go beyond simply offering an excellent service at point of claim. This means supporting our customers to reduce risk, effectively protecting their property and preventing them from having to claim.
“Escape of water is one of the most damaging and disrupting things that can happen to a homeowner, causing devastating damage with little warning.
“We believe this partnership with LeakBot will help us support our customers by providing an effective early warning system for escape of water before it develops into a serious issue and look forward to seeing the positive impact this has for our members.”
LeakBot invited to join 10 of Top 25 U.S. P&C Insurers in influential Think Tank
Ondo InsurTech PLC announce that its subsidiary LeakBot USA Inc has been admitted to the IoT Insurance Observatory in the United States. The IoT Insurance Observatory is a Think Tank focussed on the application of Internet of Things (IOT) technologies in Insurance and 10 of the top 25 U.S. P&C insurers are current members.
Insurance IoT Observatory is an eight-year old think tank with the participation of top executives from the most relevant Insurers, Reinsurers, and Tech players in the IoT insurance arena.
The Observatory is designed to connect people and ideas in order to spread the innovation culture throughout the insurance market, and has been instrumental in the success of analogous solutions such as the Ting fire claims prevention system (now in over 800,000 U.S. homes)
Many of Ondo’s existing clients are members such as Nationwide, Pure, Admiral and IAG. Additionally, some of the other largest U.S. carriers are also members such as State Farm, USAA, Travelers, Allstate and Hanover.
LeakBot have now been invited to join this group and will participate in the next face-to-face planning sessions scheduled before ITC Las Vegas in October 2024.
Craig Foster, Ondo InsurTech CEO, says: “The timing is perfect for our invitation to the IOT Observatory. We look forward to the opportunity to share case study results from our recent U.S. deployments with fellow members”.
Matteo Carbone, Founder and Director of IoT Observatory , says: “I have carefully watched the progress of LeakBot over the last few years. It is great that finally a solution has cracked the scalable model to reduce water damage claims. I am looking forward to the team’s involvement in our next plenary sessions later this year.”
Enquiries
For further information, please visit www.ondoplc.com or contact the following:
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Ondo InsurTech Plc |
Craig Foster, CEO Kevin Withington, CFO |
+44 (0) 800 783 9866 |
