Interview with Craig Foster, Founder & CEO of Ondo InsurTech

Recording date: 15th May 2025

Ondo InsurTech PLC is emerging as a leader in the insurtech sector with its proprietary water leak detection system, LeakBot. The company is addressing one of the home insurance industry's most significant challenges – water damage, which represents a $17 billion annual claims burden in the US alone with an average claim of $14,000.

The LeakBot technology utilizes a patented temperature differential monitoring system that homeowners can easily install by clipping it to their main water pipe. The device measures the temperature of the incoming water pipe and compares it to the ambient temperature. When water isn't being used, these temperatures should equalize; a continuous differential indicates a leak. The system can detect leaks as small as 5 milliliters per minute without requiring professional installation.

Insurance companies pay Ondo approximately $5 per month per customer for this service, which includes the hardware, software, and any plumber visits required to find and fix detected leaks. With water damage claims costing insurers about $220 per policy annually, the $60 yearly investment offers a compelling return on investment.

The company has achieved significant market penetration with deployments in 151,000 homes and partnerships with 24 insurance companies globally. Ondo reported revenue of nearly £4 million for the fiscal year ending March, with annualized contracted recurring revenue approaching £6 million. Growth is particularly strong in the US market at 400% year-on-year.

Ondo's financial trajectory shows a clear path to profitability, with expectations to reach EBITDA-positive trading by the end of the current fiscal year. The business model is designed for improving margins, starting with single-digit P&L margins in the first year but growing to 70-80% in subsequent years.

With high customer satisfaction (80+ Net Promoter Score), strong insurance partner retention (100%), and an addressable market of 13-14 million potential customer homes through existing partners alone, Ondo InsurTech is well-positioned in the growing field of preventative insurance technology.

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