REG - Ondo InsurTech PLC - Nationwide Partners with Ondo for LeakBot in U.S.

Ondo InsurTechAnnouncement

14/11/2023 07:15

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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
(https://news.nationwide.com/the-top-smart-home-devices-you-should-be-using/)
, 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 (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
 Dowgate Capital Ltd                Russell Cook        +44 (0) 20 3903 7715

 (Broker & Financial Advisor)       Nick Chambers
 Cassiopeia Services Ltd            Stefania Barbaglio  +44 (0) 7949 690338

 (PR & Investor Relations)

 

 

 

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

 

(1) AM Best, 2021 DWP

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