London-listed InsurTech company Ondo has appointed Kevin Withington as its new chief financial officer.
The company was founded by CEO Craig Foster (pictured) and is on a mission to be the leading provider of claims prevention technology for home insurers.
Withington brings more than 25 years of insurance industry experience to the team at Ondo, with previous stints at MyPolicy, AJ Gallagher & Co and TowerGate and is well placed to help Ondo through a period of growth.
He said: “I am really enthused to join the team at Ondo at such an exciting time and see the huge potential in this business.
“It is rare you get the opportunity to join a business with such a unique proposition that addresses such a large market, and that is what we have with the LeakBot solution.”
Ondo’s focus is on the global scale-up of LeakBot – an end-to-end internet of things solution which protects homes from the impact of water damage.
Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined.
LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to find and fix the problem.
Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70 per cent.
LeakBot partners with 11 insurance carriers – including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark – across 5 different countries, in Europe and the USA.
In March 2022 LeakBot became the first InsurTech to IPO in London.