Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after the claims prevention technology company reported positive interim results, highlighting 77% growth in its customer base to 84,000 during the six months to 30 September.
While overall revenue increased by 24% to £1.2 million, CEO Foster highlights a strategic shift toward recurring revenue, emphasising a 50% YoY growth in software and services revenue.
Unit sales surged by 61%, reaching 19,000 units, but Foster clarified that one-off device fees remained flat as part of the deliberate pricing strategy change.
In a recent development, Ondo Insurtech signed a significant deal with Nationwide, a Fortune 100 financial services company and a top 10 U.S. homeowners insurer. The deal expands Ondo's addressable market to 5 million households.
Foster is optimistic about the growth potential, citing a current penetration rate of only 1.5% in the expanded market. The company aims to increase penetration through strategic partnerships and technical integrations, although Foster acknowledges the time required for larger partners to implement the product strategically.
He adds that investors responded positively to the Nationwide deal, indicating confidence in the company's ability to secure major contracts.
