{"id":117933,"title":"Ondo InsurTech PLC (LON:ONDO) New US Contract with Selective Insurance","publisher":"Share Talk","author":"sharetalk","published":"2024-11-26T08:14:28+00:00","modified":"2024-11-26T08:14:28+00:00","canonical_url":"https://www.share-talk.com/ondo-insurtech-plc-lonondo-new-us-contract-with-selective-insurance/","markdown_url":"https://www.share-talk.com/ondo-insurtech-plc-lonondo-new-us-contract-with-selective-insurance.md","json_url":"https://www.share-talk.com/ondo-insurtech-plc-lonondo-new-us-contract-with-selective-insurance.json","category":"B2B","categories":["B2B","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["Ashi Bagdadi","Craig Foster","Efficiency","escape of water","Europe","household","Insurance","LeakBot","Loss Reduction Guarantee","New York Stock Exchange","North America","Ondo","Ondo InsurTech","return-on-investment","UK","United States","water"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/11/ONDO-18-NOV.webp?fit=1200%2C800&ssl=1","format":"news","language":"en-GB","content":"**New Contract with Selective Insurance to Expand LeakBot Offering to 4 More U.S. States**\n\n**Ondo InsurTech Plc (LSE: ONDO),** a leading company in claims prevention technology for home insurers, is pleased to announce that following a successful initial launch in New Jersey earlier this year, Selective Insurance (“Selective”) has signed a new contract to facilitate a rollout across four more U.S. states.\n\nLeakBot will now also be available to Selective’s eligible homeowners policyholders in Virginia, Pennsylvania, Indiana, and Ohio, making LeakBot a key part of the insurance company’s value-added risk management services in these states.\n\nConsistent with other commercial deals, the order is structured to fund the working capital requirements of the expansion.\n\n**Craig Foster, Ondo CEO****, said:** “This new contract with Selective Insurance represents another  significant step in our U.S. expansion, reinforcing LeakBot’s position as a proven solution for reducing water damage claims – one of the largest claims costs for home insurers. Following the successful launch in New Jersey, we’re delighted to see Selective scaling the rollout to Virginia, Pennsylvania, Indiana, and Ohio. With LeakBot now reaching homeowners in a total of 18 states through our U.S. partners, we are delivering tangible value by preventing costly claims and enhancing policyholder satisfaction. This expansion highlights the growing confidence in our technology among U.S. insurance carriers.”\n\nEnquiries\n\nFor further information, please visit [www.ondoplc.com](http://www.ondoplc.com/)  or contact the following:\n\n|   |   |   |\n| --- | --- | --- |\n| Ondo InsurTech Plc | Craig Foster, CEO Kevin Withington, CFO | +44 (0) 800 783 9866 |\n\nAbout Ondo InsurTech PLC\n\nOndo 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 up to 70%.\n\nLeakBot partners with 20 insurance carriers – including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark – both in Europe and the USA.\n\nOndo holds the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.\n\nFor more information, visit [www.ondoplc.com](http://www.ondoplc.com/)"}