RNS Number : 8711B
Ondo InsurTech PLC
07 June 2023
7th June 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Premium US insurer Mutual of Enumclaw signs contract to install 10,000 LeakBot systems with customers in Washington State
Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that premium US insurer Mutual of Enumclaw has signed a contract to distribute Ondo's LeakBot system to homeowner insurance customers in Washington State.
Having its origins in Washington State, Mutual of Enumclaw is a member-owned insurer operating in Washington, Oregon, Idaho, Utah, Arizona, Montana, and Wyoming in the US Pacific Northwest and has approximately 100,000 homeowner insurance customers,generating over $180 million in written premiums in 2022.
Mutual of Enumclaw will initially partner with Ondo to provide 10,000 devices to be installed in their customers' homes in the state of Washington. These units are expected to be installed within the first 6 months, starting in August 2023.
Jerel Titus, Chief Member Experience Officer of Mutual of Enumclaw, said: "Member safety is at the center of who we are as an organization. Non-weather water events endanger our members' health, their homes, and their wallets. The innovative leak detection and prevention technology, ease of use, and overall effectiveness of the LeakBot solution make it a perfect fit to protect our Mutual of Enumclaw members."
Craig Foster, CEO of Ondo InsurTech Plc, said: "We are very pleased to announce this new agreement today which represents another important step on our path to build a strong presence in the United States. We look forward to working with Mutual of Enumclaw, a premium US insurer with a well established position in a number of states in the US Pacific Northwest, and we hope to further grow this relationship together over time."
For further information, please visitwww.ondoplc.com or contact the following:
Ondo InsurTech Plc
General Manager - North America
+001 817 807 8962
SI Capital Ltd
+44 (0) 1483 413500
+44 (0) 20 3143 0600
Cassiopeia Services Ltd
(PR & Investor Relations)
+44 (0) 7949 690338
About Mutual of Enumclaw
With a rich history dating back to 1898, Mutual of Enumclaw works exclusively with local independent agents to offer insurance products to individuals, families, farms, and businesses. The company currently operates in Washington, Oregon, Idaho, Utah, Arizona, Wyoming and Montana. The company has been consistently recognized as one of Washington's 100 Best Companies to Work For by Seattle Business Magazine.
For more information, visitwww.mutualofenumclaw.com.
Press Release Contact:
Michael Cousins, Brand Director
1-800-366-5551, Ext. 3366
About Ondo InsurTech PLC
Ondo InsurTech Plc is a world leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - claims prevention technology that prevents water damage claims in houses. 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).
For more information, visitwww.ondoplc.com
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