Ondo InsurTech Plc is on a mission to become the world’s leading provider of claims prevention technology for home insurers. Ondo’s focus is on the global scale-up of LeakBot – an end-to-end internet of things solution which protects homes from the impact of water damage. 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. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%. LeakBot partners with 11 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA. In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).
