Deal to Accelerate LeakBot Distribution in Denmark

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, announces a new deal with Danish mutual insurance company LB Forsikring to accelerate the distribution of the LeakBot system to their members.

In the last 14 months LB Forsikring has successfully deployed this first order of almost 10,000 devices and have now signed a further order for 7,500 units to be distributed during the first 3 months of 2024.

Sune Bille Larsen, Head of LBeta, the innovation hub of LB Forsikring says: "We continue to see a great opportunity with LeakBot to reduce the risk of escape of water claims for us and our members. Our members have been very engaged with LeakBot so far, with take up rates exceeding our expectations. We're looking forward to providing more members with the added value of a LeakBot."

Craig Foster, CEO of Ondo InsurTech Plc, says: "Our Danish clients continue to expand the roll out to their customers and this new order shows the commitment LB Forsikring has to distributing LeakBot to more of their members, following the excellent take up rates demonstrated so far. We look forward to working with them on the roll out of these additional LeakBots in the coming months."

Founded in 1880, LB Forsikring today comprises the brands: Lærerstandens Brandforsikring for teachers and other educationalists in the education sector, Bauta Forsikring for nurses and others in the health sector, Runa Forsikring for policyholders in specific professional groups, and LB Forsikring til PFA for customers of the pension company PFA.

LB Forsikring is the 4th largest insurance company in Denmark with 430,000 members.