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Ondo InsurTech PLC (LSE:ONDO) has made significant strides since its full-year results announcement in July, as highlighted by Chairman Mark Wood during the company’s annual shareholder meeting. The firm, known for its innovative LeakBot leak detection device, has registered notable growth in its customer base and strategic partnerships.
Customer Growth
As of the latest report, Ondo has accumulated 114,000 registered customers, reflecting a 37% increase year-on-year and a 19% rise since the end of March. This growth underscores the increasing demand for LeakBot and the effectiveness of the company's marketing strategies.
Key Partnerships
Wood emphasized a recent contract win with NFU Mutual, one of the UK’s largest home insurers, which has over 900,000 customers. The agreement includes the deployment of 17,000 LeakBots before the end of Ondo's financial year, marking a significant expansion into the home insurance market.
International Expansion
The company is also making progress internationally, particularly in Sweden, Denmark, and the United States. Over the past year, Ondo has secured partnerships with five US insurance carriers, including Nationwide, a Fortune 100 financial services provider. The introduction of LeakBot in states such as Ohio, New York, Washington, and New Jersey is expected to take place in the coming weeks.
Looking ahead, Ondo plans to present a LeakBot case study to senior executives from ten of the top 25 US property and casualty insurers in October, coinciding with the InsurTech Connect Conference in Las Vegas. This presentation is aimed at showcasing the benefits of LeakBot and further solidifying Ondo’s presence in the US market.
With a growing customer base and strategic partnerships both in the UK and internationally, Ondo InsurTech PLC is well-positioned for continued growth in the competitive insurtech landscape. The recent developments highlight the company's commitment to expanding its reach and delivering innovative solutions to its customers.
