SPAQ - Ondo InsurTech kicks off 2024 with Danish deal expansion
(NewsDirect)
Ondo InsurTech PLC (LSE:ONDO) CEO CraigFoster speaks to Thomas Warner from Proactive after the claimsprevention technology company announced the signing of an expandeddeal in Denmark, marking a promising start to 2024.
The company, known for its innovativeLeakBot device, has extended its contract with Danish insurancepartner LB Forsikring, planning to distribute an additional 7,500units in the next three months.
Thismove comes after a successful 14-month collaboration in Denmark, whereover 94% of the initial 10,000 systems were effectively installed,demonstrating the product's effectiveness in preventing waterdamage claims for insurance companies.
Reflecting on 2023, Foster highlighted Ondo's progress,including forming nine new partnerships with some of the world'slargest insurers and alarm companies. Notably, Ondo signed deals withNationwide in the U.S., Länsförsäkringar in Sweden, and an R&Dagreement with IAG in Australia.
This expansion increased Ondo's customer base from 14,000 to19,000 and extended its household reach from half a million to over 5million. Looking ahead, Ondo aims to consolidate its position as aleader in claim prevention technology for insurance. With plans forfurther growth in its core markets in the UK, Scandinavia, and theU.S., the company is poised for more partnerships, technologicaladvancements, and increased market presence.
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