Alm. Brand Group to introduce LeakBot

3 December 2024

Ondo InsurTech Plc

("Ondo" or "the Company")

Alm. Brand Group, one of the largest non-life insurers in Denmark, to introduce LeakBot

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce an agreement with Alm. Brand Group to introduce LeakBot to their customers.

The Alm. Brand Group is a multi-brand Danish insurance group focused on non-life insurance. With more than 700,000 customers combined, they are one of Denmark's largest non-life insurance companies.

The agreement allows LeakBots to be ordered from any of the Alm. Brand Group brands, including Alm. Brand, Codan, Privatsikring and Erhvervssikring. An initial LeakBot deployment to Alm. Brand customers is due to be completed in January. Alm Brand will monitor the impact of LeakBot, including on claims savings, customer satisfaction and customer loyalty, with a view of rolling out across their customer base from summer 2025.

Anne Mette Toftegaard, Alm. Brand Group Deputy CEO, says: "At Alm. Brand Group we want to set the standard in non-life insurance, and we are keenly aware of the role we play and the responsibility we have in promoting claims prevention. We're excited to partner with LeakBot to increase customer awareness of the potential risk of water leaks and to prevent the unnecessary cost, resources, and inconvenience of an escape of water claim."

Craig Foster, Ondo CEO, says: "Denmark is a strategically chosen territory for LeakBot expansion and this agreement with Alm. Brand Group signifies a great opportunity to support growth within this region. We continue to see very positive results in Denmark, with expansions from other insurers recently announced, and we look forward to working with Alm. Brand Group to prevent claims and to also positively impact their customer experience."

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About Ondo InsurTech PLC

Ondo 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 up to 70%.

LeakBot partners with 21 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.

Ondo 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