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\nFortune 100 Insurer Nationwide partners with Ondo to offer LeakBot to U.S. customers
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\nOndo InsurTech Plc (\u201cOndo\u201d), 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\u2019s Smart Home Program.
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\nNationwide is a Fortune 100 insurance and financial services company based in Columbus, Ohio and is the eighth largest homeowners insurer in the U.S1. Nationwide has led innovation in the U.S. with its Smart Home Program \u2013 a new innovative way for the company\u2019s homeowners insurance customers to keep their homes safe with connected, smart devices that can notify customers of potential hazards in their homes.
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\nNationwide 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.
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\nNationwide and Ondo are now working towards the first state launch which is planned for early in 2024 \u2013 details to be announced at a later date.\xa0 Following the successful deployment, the companies intend to expand into additional states in 2024 and beyond.
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\nSarah Jacobs, Vice President of Personal Lines Product Development at Nationwide said \u201cThe average cost of a water claim is more than $12,000, but many water losses are preventable.\xa0 We\u2019re excited to offer the LeakBot solution to our customers to help reduce these avoidable accidents and offer greater peace of mind that they\u2019re protected from unforeseen damage and disruption in their homes.\u201d
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\nCraig Foster, Ondo CEO said \u201cIt 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.\xa0 We look forward to making a success of the first state deployments in early 2024 and expanding from there.\u201d
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