Ondo InsurTech PLC (LSE:ONDO) chief executive Craig Foster joined Proactive's Stephen Gunnion with details of the company's 17th insurance partner, Ageas UK, the UK-based personal lines insurer with around 4 million customers.
Foster said the partnership involves providing Ageas customers with free LeakBot leak detection devices to help reduce water damage claims costs.
He also highlighted a successful fundraise, which garnered £4.2 million through a placing and an open offer. This capital, aimed at supporting growth, particularly in the United States, saw a 96% take-up rate from retail investors. This influx of funds is intended to bolster infrastructure and support Ondo's expansion, especially given the promising opportunities with existing US partners such as Nationwide, Selective, and Pure.
Foster noted that the company's strategy involves supplying free leak detection technology to end consumers, with insurance companies paying for these services on a recurring basis. Ondo InsurTech is operational in Scandinavia, the UK, and the US, with more deals expected to be announced soon.
Foster emphasized the importance of the US market and the unique value proposition Ondo InsurTech offers to address rising claims costs.