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ONDO Ondo Insurtech Plc

15.00
0.50 (3.45%)
24 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Ondo Insurtech Plc ONDO London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.50 3.45% 15.00 08:14:52
Open Price Low Price High Price Close Price Previous Close
14.50 14.50 15.00 15.00 14.50
more quote information »
Industry Sector
GENERAL FINANCIAL

Ondo Insurtech ONDO Dividends History

No dividends issued between 24 Jun 2014 and 24 Jun 2024

Top Dividend Posts

Top Posts
Posted at 15/6/2024 12:50 by purple11
not sold any

ONDO BUY HOLD ADD
Posted at 13/6/2024 09:39 by z1co
Another post by the CLOWN:

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

purple1130 May '24 - 15:29 - 1294 of 1326
0 0 1
i will wait some positive momentum before trying again.second time ive stopped out here.

ONDO WATCHLIST HOLD
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Posted at 10/6/2024 07:26 by purple11
think ONDO needs to get all these trials out of the way before it makes a big move.

large revenue bearing CONTRACTS is what we need not small scale trials.

this may take alot longer than previously thought to appreciate in value.gl
Posted at 29/4/2024 08:32 by purple11
Ondo InsurTech Plc

("Ondo" or "the Company")



Nationwide and LeakBot Deployment Update





Ondo Insurtech Plc (LSE: ONDO), a leading company in water leak claims prevention technology for home insurers, is pleased to provide the following update with regards to the Nationwide partnership.



On 14 November 2023 Ondo announced a new partnership with Fortune 100 insurance and financial services company Nationwide to offer the LeakBot device to U.S. homeowners insurance customers as part of the insurer's Smart Home Program.



The first deliveries of devices have started in Cincinnati, Ohio and St. Louis, Missouri. Nationwide "auto-shipped" LeakBots (meaning sending devices directly to customers, unsolicited). Despite the distribution being unsolicited the installation rate is over 70%, significantly ahead of expectations.



Nationwide expects to deploy the remainder of the first 6,000-unit order in the next few weeks, primarily in Ohio. Ondo and Nationwide are now considering which states to expand into next in the coming months of 2024.



Sarah Jacobs, Vice President of Personal Lines Product Development at Nationwide said: "We have been pleased with the install rates in Ohio, and we are exploring which states we can expand to next. The team at Ondo have been a great partner so far. At Nationwide we really believe our Smart Home Program will be a key differentiator in homeowners insurance and LeakBot fits perfectly with our strategy".





Craig Foster, CEO said: "We are thrilled that the first Nationwide deployments have gone well, and we are now in homes repairing leaks and preventing claims. Nationwide is a key partnership for us in the United States and we are excited to keep exceeding expectations."
Posted at 01/12/2023 12:37 by mdchand
Bigboots - in respect of the competitors in the market, you are correct.

However, Ondo is substantially cheaper and quicker to install. There are 2 main types. First type involves physically inserting a probe into the main water pipe. These work but cost crica $500 plus installation costs making them not exactly cost effective for insurers. Second type are moisture sensors that will capture water discharge assuming they are placed closely to any leak. They are cheaper $60 ish but are very location dependent.

Due to cost and ability to be deployed by customers, Ondo has a huge advantage over other systems. Now, couple that with the US market where premiums are circa x4 UK one for house insurance (ie $1000 in the US vs $250 in the UK) of which approx 25% of the cost is due to water claims, and you have great economics to support the product.

Essentially, the insurers can give Ondo's unit away for free, and more than recoup the cost through water damage savings in year 1. So for the insurer it can mean higher profits, cheaper premiums and better customer outcomes. And for Ondo, if we believe the original cost is $40 (and they are selling them at cost), they have stated that they would charge insurers approx $5pm per unit, or %$60pa. Now multiply that figure by whatever you wish (say 1m units sold into the US) and you get pretty bonkers numbers - but all entirely doable.

As for the recent Nationwide deal, that is a big deal. I thought it was a test pilot deal where they might turn round and cancel it after testing BUT, based on a recent interview, Nationwide had been testing it for 2 years, and the deal was for a country wide Services Agreement (across the entire USA not just a state). So if they need to raise capital to fund the roll out, that's a good reason IMO. The CEO also stated that they were integrating Ondo into the Nationwide app which shows how happy Nationwide are with the product.

Let's not forget that National Marine are looking to install 10,000 units which is 600kpa revenue waiting to happen.

And AIG testing them for the AUS / NZ market.
And water utility companies potentially giving them away to meet water reduction targets
And Europe
Etc etc.

My biggest concern is the IP protection but they have stated that all relevant protection has been applied in the UK/US etc so I have to take their word on this (unless someone smarter than me can find the relevant patents in the US).

I really do expect a large ramp up of revenue in the next 12 months but imo, the biggest driver will be the deployment from Nationwide.
Posted at 14/11/2023 07:06 by purple11
here we go cracking america!!

Ondo InsurTech PLC Nationwide Partners with Ondo for LeakBot in U.S. (3036T)
14/11/2023 7:00am
UK Regulatory (RNS & others)

Ondo Insurtech (LSE:ONDO)
Intraday Stock Chart


Tuesday 14 November 2023
Click Here for more Ondo Insurtech Charts.

TIDMONDO

RNS Number : 3036T

Ondo InsurTech PLC

14 November 2023

14 November 2023

Ondo InsurTech Plc ("Ondo" or "the Company")

Fortune 100 Insurer Nationwide partners with Ondo to offer LeakBot to U.S. customers

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce today a new partnership with Fortune 100 insurance company Nationwide to offer the LeakBot device to U.S. homeowners insurance customers as part of the insurer's Smart Home Program.

Nationwide is a Fortune 100 insurance and financial services company based in Columbus, Ohio and is the eighth largest homeowners insurer in the U.S(1) . Nationwide has led innovation in the U.S. with its Smart Home Program - a new innovative way for the company's homeowners insurance customers to keep their homes safe with connected, smart devices that can notify customers of potential hazards in their homes.

Nationwide has now selected LeakBot as a water damage prevention system that can be offered within the program. This new offering will help to fill a common protection gap that many homeowners may face. According to a new Agency Forward survey from Nationwide, less than 10% of homeowners utilize smart sensors that can monitor water leaks or flow in their homes, despite water damage being a leading cause of non-weather claims.

Nationwide and Ondo are now working towards the first state launch which is planned for early in 2024 - details to be announced at a later date. Following the successful deployment, the companies intend to expand into additional states in 2024 and beyond.

Sarah Jacobs, Vice President of Personal Lines Product Development at Nationwide said "The average cost of a water claim is more than $12,000, but many water losses are preventable. We're excited to offer the LeakBot solution to our customers to help reduce these avoidable accidents and offer greater peace of mind that they're protected from unforeseen damage and disruption in their homes."

Craig Foster, Ondo CEO said "It is a great honour to be chosen by one of the biggest and best insurance companies in the U.S. to deploy our water damage prevention system to Nationwide customers as part of its Smart Home Program. We look forward to making a success of the first state deployments in early 2024 and expanding from there."
Posted at 16/10/2023 11:37 by purple11
Irons in the fire12 Oct 2023 15:18

Let’s not forget this beauty

29th June 2023

Ondo InsurTech Plc ("Ondo" or "the Company")

Firemark Ventures signs exclusive deal to run LeakBot proof-of-concept for Australia

and New Zealand markets

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce today a new proof-of-concept pilot with Firemark Collective, the innovation and venturing arm of IAG, Australia's and New Zealand's largest general insurer.

Firemark Collective selected LeakBot as their chosen solution to help prevent water damage claims. Plumbing in Australia is different to theUK, in that the supply pipe and stop tap are external to the property. Under this fully funded deal, the testing and development of an outside "All Weather" version of the LeakBot product will be trialled over the next 12 months. All IP created as part of the development will be owned by Ondo.

Craig Foster, Ondo CEO, says: "Australia was not part of our roadmap but when approached by one of the largest insurance companies in the region wanting to partner with us exclusively it makes perfect sense for us to stand-up this project. Beyond Australia, we can also see the applicability of this product version in other hot climatic regions like Southern Europe where the stop taps are also outside".
Posted at 15/10/2023 11:50 by geoffsh
Sorry it seems you have to go onto the main page first.

vegas.insuretechconnect.com/who-attends/




InsureTech Connect 2023
Event starts in:
16
DAYS
13
HRS
11
MINS
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October 31 to November 2, 2023
Event Info
Ondo InsurTech / LeakBot 379
Ondo InsurTech / LeakBot 379
Ondo InsurTech / LeakBot
Booth #2480
Company Profile
Contact
Exhibiting As
Ondo InsurTech / LeakBot
Company Description
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 14 insurance carriers across 5 different countries, in Europe and the USA.
Website
hxxps://Ondoplc.com
Categories
Claims, ESG (Environmental, Social and Governance), Risk Management
Posted at 26/8/2023 07:47 by purple11
SMALL CAP IDEA: Ondo InsurTech set to plug more leaks

By William Farrington At Proactive Investors For This Is Money

Updated: 14:46, 21 August 2023

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They say you should build when the market is down. One company taking that axiom to heart is Ondo InsurTech.

Ondo, if you didn't guess by the name, is an insurance technology company and the creator of a cute little gadget called LeakBot.

LeakBot's household leak-detection capabilities have opened the floodgates to a raft of commercial partnerships for Ondo, with insurance, and, increasingly, water utilities companies deploying the device to their extensive customer bases.

Since going public in March 2022, Ondo has inked major deals with leading insurance carriers, including Admiral and Hiscox in the UK, plus two prominent UK water companies, Southern Water and Portsmouth Water.

Southern Water is set to introduce LeakBot to over 1,000 customers in an upcoming pilot, aiming to replicate the impressive 60 per cent reduction in water leaks achieved in the Portsmouth Water trial.
Plugging leaks: Ondo is an insurance tech company and creator of a gadget called LeakBot
+1

Plugging leaks: Ondo is an insurance tech company and creator of a gadget called LeakBot

Ondo has also partnered with Waterwise, a leading water efficiency organisation, to promote leak-preventing technologies.

Internationally, Ondo has penned a five-year deal with Länsförsäkringar Trygghetstjänster, Sweden's largest non-life insurer, introducing LeakBot to its two million customers.

Additionally, a proof-of-concept pilot with Firemark Collective, the innovation arm of IAG, Australia's largest general insurer, is in the works.

LeakBot expanded its reach into US via a go-to-market partnership with global business process management company WNS in April.

Further expanding its reach, Ondo recently announced a strategic partnership with US-based PURE Insurance. This collaboration aims to distribute the LeakBot system to select PURE members, enhancing risk management and reducing preventable claims.
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Quite a busy contract-signing schedule packed into the first seven months of 2023.

But why is LeakBot causing such a buzz?

Firstly, the scale of the problem Ondo wants to fix with LeakBot is formidable.

In the US, over one trillion gallons of water are lost to leaks every year. Water damage claims comprise 28 per cent of insurance claims paid, topped only by weather incidents.

In the UK that figure is closer to 30 per cent, making water damage the number-one source of claims paid.

Independent research conducted by insurance benchmarking firm Consumer Intelligence on 43,000 LeakBot devices deployed by nine UK carriers showed a 39 per cent reduction in water claims frequency and a 51 per cent reduction in severity.

Claims cost per policy fell 70 per cent, from $209 to $63, suggesting an average $146 saving on homeowners' policies.

LeakBot achieves these results through the use of highly sensitive heat sensors that detect when a house's main pipe is delivering water when it shouldn't.

There are other leak detectors on the market, but they are generally expensive and require professional installation. LeakBot, on the other hand, is relatively cheap to produce and user-friendly.

LeakBot makes educated guesses as to what are and aren't leaks by deploying algorithms that track a household's average usage throughout the day in order to detect anomalies.

This is primarily useful for detecting micro leaks that actually cause the vast majority of water damage to a home, for which Ondo sends out a team to find and fix the leak.

This novel, patented approach was developed through an innovation lab headed by Ondo's chief executive Craig Foster during his time at home-maintenance corporation HomeServe.

When HomeServe agreed to be taken private by Brookfield Asset Management, the innovation lab was spun out into Ondo Insurtech.

'I never in a million years thought we'd end up as a listed entity,' Foster reflected.

Yet, through a reverse merger with special purpose acquisition company Spinnaker Acquisition, Ondo became one of the first insurtech groups to list on the London Stock Exchange.

It took Foster a lot of convincing to take his group public and given the SPAC market effectively crashed right after Ondo's IPO, Foster's reservations seemed to be vindicated.

In his words: 'We came on the market, the market crashed, and we lost 50 per cent of the market cap(italisation) immediately.

'I was a bit naive, I thought, 'we have a great product with a massive addressable market and a really great pipeline of news'... But it was actually nine months of new things we were signing and literally, it was tumbleweed'.

The same cannot be said for the share price in 2023.

Ondo's market cap has shot up fivefold in 2023, from just £5million to more than £25million today (at 32p), due to the raft of new partnership announcements, in particular the WNS roll out.

Some may put Ondo's shares in the overbought category given such a sharp rally, especially considering that, despite what are some pretty impressive-sounding partnerships, revenues in the last financial year ending March 31 were only around £2.1million.

But, as sponsored research from Bloom Analytics notes, Ondo's recent deal with Länsförsäkringar is estimated to bring in £30million in revenues over the next five years on a 40 per cent margin. And that's just one customer.

Revenues are predicted to increase tenfold in the coming five years, though Bloom did concede that it will take a multi-year development timeline for Ondo to become cash flow positive.

If LeakBot continues to charm large-scale clients like it has this year, and if Ondo is able to convert its multitude of pilot programmes into healthy recurring revenue streams, then one gets a feeling that there is still time to buy into the story while the market is still down.

To read more small-cap news click here: www.proactiveinvestors.co.uk.
DIY INVESTING PLATFORMS
Posted at 17/7/2023 07:36 by purple11
RNS Number : 1438G
Ondo InsurTech PLC
17 July 2023


17th July 2023



Ondo InsurTech Plc ("Ondo" or "the Company")



Waterwise - the leading UK Water Efficiency NGO - makes Ondo an Affiliate Partner



Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce a new affiliate partnership with Waterwise - the leading UK water efficiency NGO.



Waterwise are the UK's independent conscience on water efficiency and experts in water efficiency policy, regulation, research, behaviour and campaigns. Ondo and Waterwise will collaborate to promote the wise use of water, including supporting the rollout of technologies such as LeakBot that can help reduce pressure on the UK's water resources.



Waterwise and Ondo both see an opportunity to bring the insurance and water industries together to help fight the UK's emerging water crisis:



● The UK's water resources are under increasing pressure. We use twice as much water than we did 60 years ago in the UK. We are starting to experience widespread droughts and periodic water shortages, impacted also by climate change.

● UK wildlife is being impacted by the over-abstraction of local streams and rivers.

● 5-6% of GHG emissions are related to our use of water, so reducing household consumption of water is also key to enable the UK to get to net-zero.

● Waterwise believes the UK needs to save in the region of 1,000 Megalitres per day through water efficiency measures to meet future needs.

● Leaking toilets are a surprisingly big part of the problem. Waterwise believes 8% of toilets are leaking 215-400 litres/day (broadly consistent with LeakBot data). If these toilets didn't leak it would save 400 Megalitres of water per day - enough water to meet the needs of 2.8m people

This is where LeakBot can really make a difference. LeakBot can reduce household leaks by 60% and the majority of the leakage in customers' homes that we fix is caused by leaky toilets. Full results of the Portsmouth Water pilot are available here.



Nathan Richardson - Head of Policy at Waterwise said: "Waterwise have long cited leaky loos as being a huge part of the UK's water waste problem. With LeakBot we can see the potential for a truly scalable solution that benefits both the insurance and water sector and could make a real difference to reducing UK water demand, so we are keen to help support technologies like this get rolled out."



Craig Foster, Ondo CEO, says: "We have already learned a lot from Waterwise and they have helped us better understand what a material difference we could make in the UK. Bringing together the insurance and water sectors to deploy LeakBot makes sense, as costs are reduced for both parties and together, we have something really scalable that can have a profound environmental impact."

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