29th June 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Firemark Ventures signs exclusive deal to run LeakBot proof-of-concept for Australia and New Zealand markets
Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce today a new proof-of-concept pilot with Firemark Collective, the innovation and venturing arm of IAG, Australia's and New Zealand's largest general insurer.
Firemark Collective selected LeakBot as their chosen solution to help prevent water damage claims. Plumbing in Australia is different to the UK, in that the supply pipe and stop tap are external to the property. Under this fully funded deal, the testing and development of an outside "All Weather" version of the LeakBot product will be trialled over the next 12 months. All IP created as part of the development will be owned by Ondo.
Craig Foster, Ondo CEO, says: "Australia was not part of our roadmap but when approached by one of the largest insurance companies in the region wanting to partner with us exclusively it makes perfect sense for us to stand-up this project. Beyond Australia, we can also see the applicability of this product version in other hot climatic regions like Southern Europe where the stop taps are also outside".
Enquiries
For further information, please visit www.ondoplc.com or contact the following:
| Ondo InsurTech Plc | Craig Foster, CEO | +44 (0) 800 783 9866 |
| SI Capital Ltd (Company Broker) | Nick Emerson Jon Levinson | +44 (0) 1483 413500 +44 (0) 20 3143 0600 |
| Cassiopeia Services Ltd (PR & Investor Relations) | Stefania Barbaglio | +44 (0) 7949 690338
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About Firemark Collective and IAG
Firemark Collective are the the innovation and venturing arm of Insurance Australia Group Limited (IAG). IAG is the largest general insurance company in Australia and New Zealand. The Group's businesses underwrite over $13 billion of premium per annum, selling insurance under many leading brands. IAG is listed on the Australian Stock Exchange with a £6.7 BN market capitalisation and has been providing insurance services in Australia for 160 years.
For more information, visit
About Ondo InsurTech PLC
Ondo InsurTech Plc 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. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.
LeakBot partners with 11 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.
In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).
For more information, visit www.ondoplc.com
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