Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Proactive's Stephen Gunnion about the company's latest contract win with NFU Mutual, marking it as the biggest deal Ondo InsurTech has done in the UK to date. The contract includes an initial roll-out of 17,000 LeakBots by the end of the year, targeting mid to high-net-worth customers.
Foster explained, "It's a significant commitment out of the gate from them, and it's a really good brand for us to partner with." He also shared the company's strategy of structuring contracts with initial commitments that expand based on results, similar to their other 18 insurance partners.
Additionally, Foster discussed Ondo InsurTech's invitation to join the IoT Insurance Observatory in the United States. This initiative, founded by Matteo Carbone, connects insurers interested in IoT technologies. Foster noted, "It's a really good chance for us within that forum to share some of the results that we're seeing."
Foster expressed optimism about the opportunities this membership could unlock, particularly with major US insurers like State Farm and Allstate. He cited the successful adoption of the Ting fire sensor product as a positive precedent for LeakBot.
