Ondo InsurTech PLC on Monday said it has won a new contract with insurer Topdanmark, to expand its roll-out to 20,000 new customers in Denmark.
Shares in the London-based insurtech firm were down 3.6% at 6.26 pence each in London on Monday morning. Since its initial public offering in March 2022, the company’s stock is down 40%.
Topdanmark is an insurance company in Denmark. Ondo noted that it has a 15% share of Denmark’s home insurance policies.
It added that Topdanmark was the first Danish insurer to offer LeakBot to their customers in 2019.
‘Those customers received a LeakBot device and access to specialised leak location and repair services which resulted in a positive claims reduction experience,’ Ondo explained.
LeakBot is an end-to-end internet of things solution which protects homes from the impact of water damage.
Under the new agreement, Topdanmark will expand the LeakBot service to a further 20,000 customers over 18 months from March 2023.
Chief Executive Craig Foster said: ‘We start 2023 with great news and a strong commitment to growing our business, by delivering LeakBots to more customers. Increasing the number of households with a LeakBot in Denmark is key to our strategy and the Topdanmark rollout- alongside the previously announced rollout with LB Fosikringar, will provide great opportunity for growth in 2023 and beyond.’
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