Ondo InsurTech PLC (LSE: ONDO), recognized for its home insurance claims prevention technology, reported a 29% revenue increase, with a 41% rise in recurring revenue from software and services. Foster highlighted that these results meet broker forecasts and showcase the company’s strong progress.
A significant development for Ondo InsurTech is its expansion into the US market. The company has secured new contracts with major insurers, including Nationwide, and has transitioned to a recurring revenue model.
- Sales revenue +29% to £2.7 million
- Recurring revenue from Software and Services +41% to £1.4m
- Device and set-up fee revenue +18% to £1.3m
This strategy has already yielded positive results, with US customers contributing 12% of recurring revenues while representing just 3% of the total customer base.
The video features an interview with Craig Foster, CEO of Ondo InsurTech, discussing the company’s full-year 2024 results and future strategies. Key highlights include:
- Revenue Growth: Ondo achieved a 29% increase in revenue and a 41% rise in recurring revenue, focusing on a shift from device sales to a recurring revenue model.
- LeakBot Deployment: Their LeakBot water damage prevention system is now in 111,000 homes and used by 18 insurers worldwide, with a high customer satisfaction score.
- US Expansion: Significant growth in the US market, with new contracts signed, including a super-regional insurer, and partnerships with major carriers like Nationwide. The US market is seen as highly lucrative due to higher insurance premiums and claims costs.
- Future Strategy: For 2025, Ondo plans to focus on core markets in Scandinavia, the UK, and the US, maintaining a consistent delivery model and not expanding beyond these regions. The aim is to continue driving growth and delivering high ROI for insurers.
The video emphasizes Ondo’s success in meeting targets and laying the foundation for future growth, particularly in the US market.
