SPAQ - Ondo InsurTech reports growth in customer base and strategic shift
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Ondo InsurTech PLC (LSE:ONDO) CEO CraigFoster speaks to Thomas Warner from Proactive after the claimsprevention technology company reported positive interim results,highlighting 77% growth in its customer base to 84,000 during the sixmonths to 30 September.
Whileoverall revenue increased by 24% to £1.2 million, CEO Fosterhighlights a strategic shift toward recurring revenue, emphasising a50% YoY growth in software and services revenue. Unit sales surged by61%, reaching 19,000 units, but Foster clarified that one-off devicefees remained flat as part of the deliberate pricing strategychange.
In a recent development,Ondo Insurtech signed a significant deal with Nationwide, a Fortune100 financial services company and a top 10 U.S. homeowners insurer.The deal expands Ondo's addressable market to 5 millionhouseholds. Foster is optimistic about the growth potential, citing acurrent penetration rate of only 1.5% in the expanded market.
The company aims to increase penetrationthrough strategic partnerships and technical integrations, althoughFoster acknowledges the time required for larger partners to implementthe product strategically. He adds that investors responded positivelyto the Nationwide deal, indicating confidence in the company'sability to secure major contracts.
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