REG - Ondo InsurTech PLC - Nationwide Mutual expand LeakBot into 16 US States

Ondo InsurTechAnnouncement

12/11/2024 07:00

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RNS Number : 7920L  Ondo InsurTech PLC  12 November 2024

 

The information contained in this announcement is deemed by the Company to
constitute Inside Information as stipulated under the Market Abuse Regulations
(Regulation 596/2014/EU) as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018

 

12 November 2024

 

Ondo InsurTech Plc

("Ondo" or "the Company")

 

Nationwide Mutual expand LeakBot into 16 U.S. States

 

LeakBot is now available to both new and existing customers as a standard part
of Fortune-100 insurer Nationwide Mutual's homeowners insurance offering in 16
states

 

 

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology
for home insurers, is pleased to confirm that at 8:30 a.m. Eastern Standard
Time Nationwide Mutual Insurance Company ("Nationwide") will announce a major
expansion of their partnership with Ondo, to roll-out LeakBot into 16 U.S.
States.

 

Nationwide is a Fortune 100 insurance and financial services company based in
Columbus, Ohio and is one of the largest homeowners insurer in the U.S.
Nationwide has led innovation in the U.S. with its Smart Home Program - a new
innovative way for the Nationwide's homeowners insurance customers to keep
their homes safe with connected, smart devices that can notify customers of
potential hazards in their homes.

 

In November 2023 Ondo announced Nationwide had chosen to offer LeakBot to
customers in Ohio and would integrate LeakBot into their Smart Home Program.
That technical integration is now fully complete, and the pilot has yielded
excellent results.

 

Nationwide will today announce that they will offer free LeakBot devices and
repair services to new and existing customers in a total of 16 U.S. states:
Pennsylvania, Maryland, North Carolina, Virginia, Montana, Idaho, Kentucky,
Indiana, Vermont, Oregon, West Virginia, Tennessee, Illinois, New Hampshire,
and Washington, in addition to Ohio.

 

The service will be available to both existing and new customers as a standard
part of Nationwide's homeowners insurance offering.

 

Nationwide recognise that LeakBot has already demonstrated remarkable success,
with a Net Promoter Score (NPS) of +87 and an average Customer Satisfaction
score of 4.9 out of 5 among Nationwide customers.

 

The commercial details are confidential but Ondo confirm that the structure of
the deal includes advance prepayments ahead of order deployments meaning the
working capital requirements of this expansion are fully funded.

 

Mark Teets, Director Personal Lines Product Development at Nationwide says:
"Our strategy at Nationwide is to 'Predict and Prevent' and we have fully
integrated LeakBot into our own platform to do this for water damage in our
members homes.  The results so far have been remarkable and this has led us
to already expand the distribution of LeakBot to our customers in these 15 new
states.  Our ambition at Nationwide is for all of our customers to benefit
from this type of Predict and Prevent technology as we believe that finding an
issue and fixing it before it becomes a major problem is good for both the
company and the customer."

 

Craig Foster, Ondo CEO, says: "This is a major step in our U.S. expansion and
a great endorsement from one of the biggest and best insurers in the United
States. Nationwide have been the perfect anchor partner for us in the United
States and by taking the lead in the geographic expansion of our solution,
make it much easier for other U.S. carriers to also introduce our
groundbreaking product to their customers across the United States. The fact
that the production capacity to handle demand is secured and the fact that
this expansion does not create any additional working capital strain are also
fundamental to the executability of this rapid growth plan."

 

 

Enquiries

 

For further information, please visit (http://www.ondoplc.com) www.ondoplc.com
(http://www.ondoplc.com)   or contact the following:

 

 Ondo InsurTech Plc                 Craig Foster, CEO       +44 (0) 800 783 9866

                                    Kevin Withington, CFO
 Dowgate Capital Ltd                Russell Cook            +44 (0) 20 3903 7715

 (Broker & Financial Advisor)       Nick Chambers

                                    Charlie Hall
 Cassiopeia Services Ltd            Stefania Barbaglio      +44 (0) 7949 690338

 (PR & Investor Relations)

 

 

About Ondo InsurTech PLC

 

Ondo 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.
Independent research by Consumer Intelligence found LeakBot can reduce the
cost of water damage claims by [up to] 70%.

 

LeakBot partners with 19 insurance carriers - including Nationwide, Admiral,
Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe
and the USA.

 

Ondo 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 (http://www.ondoplc.com/)

 

 

 

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