Ageas UK to trial LeakBot

Ondo InsurTech PLC

06 June 2024

 

6 June 2024

Ondo InsurTech Plc ("Ondo" or "the Company")

Ageas UK to trial LeakBot

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce an agreement with personal lines insurer Ageas UK to introduce LeakBot Limited (LeakBot) to their customers.

Activity is due to begin this month, when Ageas UK, in conjunction with Ondo, will offer LeakBot smart water leak detectors to Ageas employees and customers of the Ageas owned Rias brand. Under this 12-month trial, LeakBot detectors and repairs will be provided for free to these customers. Ageas will monitor the number of damage-causing leaks with the aim of minimising the impact on customers and simplifying their journey when they have cause for a claim.

Stephen Linklater, Ageas Claims Director said: "We're pleased to partner with LeakBot as another way of helping our customers to take prompt, effective action to protect their homes from unexpected events like burst pipes. Not only will early detection of a leak reduce the cost of a claim, but it will also minimise the devastating impact that a prolonged leak can have on a customer's home."

Craig Foster, Ondo CEO, says: "The activity with Ageas signifies another step into mass market insurance within the UK. With growing costs and increasing customer expectations, LeakBot offers the opportunity for insurers to introduce an innovative solution to prevent claims whilst also positively impacting customer experience. We look forward to working with Ageas on this activity and going forward."

​​Enquiries

For further information, please visit www.ondoplc.com  or contact the following:

Ondo InsurTech Plc	Craig Foster, CEO Kevin Withington, CFO	[phone]
Dowgate Capital Ltd (Broker & Financial Advisor)	Russell Cook Nick Chambers Charlie Hall	[phone]
Cassiopeia Services Ltd (PR & Investor Relations)	Stefania Barbaglio	[phone]

About Ageas  

Ageas is one of the largest personal lines insurers in the United Kingdom, protecting the needs of over four million customers. It offers car and home insurance through electronically traded brokers and intermediary partners and was named Personal Lines Insurer of the Year at the 2021, 2022 and 2023 British Insurance Awards, as well as the 2021 and 2023 Insurance Times Awards. The insurer has achieved the Institute of Customer Services coveted ServiceMark accreditation and been certified by the Top Employers Institute as a Top Employer for 2022, 2023 and 2024. Ageas (UK) Limited is a wholly owned subsidiary of Ageas SA/NV, which has been protecting customers for nearly 200 years and is listed on the Euronext Brussels and is included in the Bel20 index.

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. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 16 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc

(LSE:ONDO) and holds the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.

For more information, visit www.ondoplc.com

 

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