Ondo: The first InsurTech IPO
Ondo Insurtech – the creator of award-winning leak protection device, the LeakBot – solidified its place as a leading light in the InsurTech sector as it became the first to IPO in the UK. Diffusion was tasked with developing a media campaign to highlight the growth proposition and scalability of the business.
Innovation in insurance has historically been far slower than in its cousin industry, financial services. Long have challenger banks, money services apps and fintech providers been darlings of the wider technology scene in the UK and further afield, raising huge investment rounds and seeing valuations climb into the billions.
But particularly now, as the cost of living for consumers skyrockets, insurance firms are looking harder and faster than ever to mitigate enough risk to keep their premiums low for customers and to attract new ones. High on the agenda is tackling water damage, the single biggest cause of home insurance claims accounting for $17bn every year in the UK and US.
Insight & Idea
Ondo InsurTech had already built up an impressive roster of insurance partners including the likes of Hiscox, Direct Line and Aviva – and unsurprisingly so, as its LeakBot devices are proven to reduce water damage claims costs by 70%.
Diffusion was tasked with helping to take Ondo InsurTech public on the London Stock Exchange with a strategic media outreach campaign curated to highlight the growth proposition and scalability of the company in business and investment media, as well as national publications. The campaign was fronted by Ondo InsurTech’s visionary CEO, Craig Foster, and insurance industry veteran Chairman, Mark Wood.
Impact & Action
Through sustained industry thought leadership, corporate and executive profile pieces, and a succession of news moments around IPO milestones, Diffusion secured nearly 100 media opportunities seeing the company’s reach boom in the run up to its public listing. These profiles appeared in key insurance media including The Insurance Times and InsurTech Digital as well as advisory pieces for consumers looking to mitigate leaks in the Metro or predicting the rise of smart home tech in the Times.
The announcement of the IPO itself gained traction in top tier and industry media, with embargoed briefings held with the likes of Bloomberg, City AM, Reuters and Insurance Times.
We look forward to Ondo Insurtech’s journey as a listed company unfolding as its team use their recent investment to supercharge efforts to expand their global reach throughout Europe and the US.