Ondo InsurTech kicks off 2024 with Danish deal expansion
Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after the claims prevention technology company announced the signing of an expanded deal in Denmark, marking a promising start to 2024.
The company, known for its innovative LeakBot device, has extended its contract with Danish insurance partner LB Forsikring, planning to distribute an additional 7,500 units in the next three months.
This move comes after a successful 14-month collaboration in Denmark, where over 94% of the initial 10,000 systems were effectively installed, demonstrating the product's effectiveness in preventing water damage claims for insurance companies.
Reflecting on 2023, Foster highlighted Ondo's progress, including forming nine new partnerships with some of the world's largest insurers and alarm companies. Notably, Ondo signed deals with Nationwide in the U.S., Länsförsäkringar in Sweden, and an R&D agreement with IAG in Australia.
This expansion increased Ondo's customer base from 14,000 to 19,000 and extended its household reach from half a million to over 5 million. Looking ahead, Ondo aims to consolidate its position as a leader in claim prevention technology for insurance. With plans for further growth in its core markets in the UK, Scandinavia, and the U.S., the company is poised for more partnerships, technological advancements, and increased market presence.
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