Ondo InsurTech Ups UK Production to Meet LeakBot Demand in the US

October 29, 2024 01:21 AM AEDT | By Team Kalkine Media

Google News:

Ondo InsurTech Ups UK Production to Meet LeakBot Demand in the US — Image source: Shutterstock

Recent News

Entergy Recognized as Civic 50 Honoree for the 10th Consecutive Year

Riot Platforms: Needham sees ’major opportunity’ in Corsicana

Archer Joins Transportation Secretary and Acting FAA Administrator To...

Growing With Purpose, Inspired by Possibility: A Message From Covia&#0...

Highlights:

Ondo InsurTech expands UK manufacturing capacity to meet rising demand, particularly from the US market.

A second production line at Asteelflash will quadruple LeakBot production to 40,000 units per month.

The company is negotiating new contracts with major US insurers, signaling significant growth potential.

Ondo InsurTech PLC (LSE:ONDO), a leading provider of claims-prevention technology for home insurers, has announced a substantial expansion in its production capacity at its UK-based manufacturing facility. The strategic move comes as Ondo ramps up to meet escalating demand for its LeakBot technology, with particular growth anticipated from US markets.

To support this rising demand, Ondo has committed to investing in a second dedicated production line at its partner facility, Asteelflash, located in Bedford, England. This expansion is set to quadruple the facility’s output capacity, increasing from 10,000 to an impressive 40,000 LeakBot units per month. This significant boost in production is expected to keep pace with the surge in US demand and growing interest from insurers worldwide.

Chief executive Craig Foster expressed confidence in the company’s decision to expand capacity, saying, “It is great news that the UK facility will now be able to meet a significant increase in demand.” Foster highlighted the anticipated benefits of Ondo’s partner-driven expansion in the US, hinting at forthcoming announcements that will further solidify Ondo’s presence in the American insurance market. “Our US expansion will clearly demonstrate why now is the right time to add the second production line at Asteelflash,” he added.

Ondo is currently in negotiations with several major US insurance companies, aiming to secure new contracts and enhance existing partnerships. These discussions underscore Ondo’s growing reputation in the industry, with LeakBot’s early success helping to attract further interest from insurers eager to leverage the technology for proactive claims prevention. The company’s ambitious expansion reflects its strong position in the market and its commitment to broadening its footprint in the US and other key territories.

With a heightened production capacity and a steady pipeline of prospective US deals, Ondo InsurTech is strategically positioned to scale its operations and further establish itself as a global leader in the insurance technology sector.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.