Ondo InsurTech Plc

Ondo InsurTech Plc is a disruptive startup with a clear mission: "On a mission to become the world leader in claims prevention technology for home insurers." The company focuses on the global scale-up of LeakBot, an end-to-end Internet of Things solution designed to protect homes from the impact of water damage. Water damage represents a significant financial burden, accounting for $17bn of claims every year in the USA and UK combined. Ondo's patented self-install solution connects to the home wireless network and, upon detecting a leak, notifies the customer via the LeakBot mobile app, and offers access to a team of expert LeakBot engineers to find and fix the problem. Independent research by Consumer Intelligence has found that LeakBot can reduce the cost of water damage claims by 70%, which makes it an attractive proposition for home insurers. In addition to its innovative product, Ondo has managed to establish partnerships with 11 insurance carriers, including big names such as Admiral, Direct Line Group, Hiscox, Mapfre, and TopDanmark, across 5 different countries in Europe and the USA. This demonstrates the growing recognition and adoption of LeakBot within the insurance industry. The company made a significant move in March 2022 by becoming the first InsurTech company to IPO in London, trading under the symbol LSE:ONDO. This move not only reflects the company's confidence in its capabilities but also signifies a significant milestone in the InsurTech space. Ondo's focus on leveraging technology to prevent claims in the home insurance sector presents a compelling value proposition for both insurers and homeowners. With a strong track record and a forward-thinking approach, Ondo InsurTech Plc has the potential to revolutionize the insurance industry and establish itself as a key player in the emerging InsurTech space.