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Ondo InsurTech CEO discusses upbeat 2023 trading update as US expansion gains momentum

–News Direct–

Ondo InsurTech PLC (LSE:ONDO) chief executive Craig Foster tells Proactive's Stephen Gunnion that the company's expansion into the US with its LeakBot technology is gaining momentum after launching operations in four states with notable insurers including Nationwide in Ohio.

Following the release of a trading statement that aligns with the first broker forecasts made public, Foster said the US expansion has been met with positive feedback, reflecting high takeout and installation rates, bolstering the company's confidence in future expansions and new partnerships.

The chief executive also mentioned ongoing negotiations with other US insurance firms, further highlighting the company's momentum in the U.S. Additionally, he confirmed that manufacturing capacity is keeping pace with demand, aided by recent advancements towards ISO 27001 certification, which will streamline contractual and compliance processes.

Foster also touched on the company's activities in Europe, specifically in the Nordic region, and the UK, maintaining a balanced focus on these markets while pursuing US opportunities. A significant development mentioned was a partnership with South West Water in the UK, aiming to tackle the global issue of water wastage through innovative leak detection technology. This aligns with the company's strategy of leveraging its unique solutions to address widespread challenges in water management and insurance claims.