Ondo InsurTech PLC Nationwide Partners with Ondo for LeakBot in U.S. (3036T)
14 Novembre 2023 - 8:00AM
UK Regulatory
TIDMONDO
RNS Number : 3036T
Ondo InsurTech PLC
14 November 2023
14 November 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Fortune 100 Insurer Nationwide partners with Ondo to offer
LeakBot to U.S. customers
Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims
prevention technology for home insurers, is pleased to announce
today a new partnership with Fortune 100 insurance company
Nationwide to offer the LeakBot device to U.S. homeowners insurance
customers as part of the insurer's Smart Home Program.
Nationwide is a Fortune 100 insurance and financial services
company based in Columbus, Ohio and is the eighth largest
homeowners insurer in the U.S(1) . Nationwide has led innovation in
the U.S. with its Smart Home Program - a new innovative way for the
company's homeowners insurance customers to keep their homes safe
with connected, smart devices that can notify customers of
potential hazards in their homes.
Nationwide has now selected LeakBot as a water damage prevention
system that can be offered within the program. This new offering
will help to fill a common protection gap that many homeowners may
face. According to a new Agency Forward survey from Nationwide,
less than 10% of homeowners utilize smart sensors that can monitor
water leaks or flow in their homes, despite water damage being a
leading cause of non-weather claims.
Nationwide and Ondo are now working towards the first state
launch which is planned for early in 2024 - details to be announced
at a later date. Following the successful deployment, the companies
intend to expand into additional states in 2024 and beyond.
Sarah Jacobs, Vice President of Personal Lines Product
Development at Nationwide said "The average cost of a water claim
is more than $12,000, but many water losses are preventable. We're
excited to offer the LeakBot solution to our customers to help
reduce these avoidable accidents and offer greater peace of mind
that they're protected from unforeseen damage and disruption in
their homes."
Craig Foster, Ondo CEO said "It is a great honour to be chosen
by one of the biggest and best insurance companies in the U.S. to
deploy our water damage prevention system to Nationwide customers
as part of its Smart Home Program. We look forward to making a
success of the first state deployments in early 2024 and expanding
from there."
Enquiries
For further information, please visit www.ondoplc.com or contact the following:
Ondo InsurTech Plc Craig Foster, CEO +44 (0) 800 783 9866
Dowgate Capital Ltd
(Broker & Financial Russell Cook
Advisor) Nick Chambers +44 (0) 20 3903 7715
Cassiopeia Services
Ltd
(PR & Investor Relations) Stefania Barbaglio +44 (0) 7949 690338
About Ondo InsurTech PLC
Ondo InsurTech Plc is a world leading provider of claims
prevention technology for home insurers. Ondo's focus is on the
global scale-up of LeakBot - claims prevention technology that
prevents water damage claims in houses. 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. Recent independent
research by Consumer Intelligence found LeakBot can reduce the cost
of water damage claims by 70%.
LeakBot partners with 14 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, as Ondo InsurTech Plc (LSE:ONDO) and holds the coveted
London Stock Exchange Green Economy Mark awarded to companies who
derive the majority of their income from Green activities.
For more information, visit www.ondoplc.com
(1) AM Best, 2021 DWP
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