Contract Win

Ondo InsurTech plc (LSE: ONDO), a leading provider of claims-prevention technology for home insurers, is pleased to announce that Indiana Farm Bureau Insurance ("IFB") is expanding its LeakBot programme. The Company announced in November 2024 that Peril Protect LLC had contracted to rollout the LeakBot device through a pilot programme to 10,000 IFB homeowner insurance customers. Having successfully completed the pilot programme IFB, through Peril Protect, has now contracted to rollout a further 10,000 devices commencing before the end of the year.

During the IFB pilot LeakBot achieved an Net Promoter Score of 81 and a CSAT score of 4.9 / 5.0, while delivering significant claims savings and a positive ROI for IFB. Based on these results, IFB has now doubled its deployment to 20,000 devices - equivalent to approximately 15 % of its homeowners insurance book in Indiana.

Craig Foster, Ondo CEO stated "The Indiana Farm Bureau team have done a fantastic job bringing LeakBot to their customers and proving out the value of claims prevention. The combination of strong ROI and exceptional customer feedback shows how LeakBot helps insurers predict and prevent costly water damage, and we're delighted to see IFB expanding so more of their customers can benefit."

Jeff McDonald, Senior Vice President of Property and Casualty at IFB said : "I'm proud of the proactive approach we're taking with LeakBot to help protect our clients' homes and minimize costly water damage. The outstanding results, including strong claims savings and exceptional customer satisfaction, demonstrate the value this innovative program provides. Expanding the deployment of LeakBot devices allows us to offer even greater peace of mind to more Indiana homeowners."

Peril Protect, IFB's home monitoring service, helps bridge the gap for insurance carriers to embrace a technology-driven marketplace. Integrating new technology with insurance offerings can be a daunting task, and insurance carriers must adapt or be left behind by customers who demand more. Peril Protect can seamlessly integrate with insurance carriers to design and implement products and services that relate to or are provided in conjunction with an insurance policy that are intended to educate about, assess, monitor, control, or help prevent risk of loss to person or property. Peril Protect specializes in administering telematics programs, which align with both carrier and customer needs, as well as providing marketing and fulfilment services necessary to ensure success.