Ondo InsurTech (ONDO) , a claims prevention technology leader for home insurers, has announced a new partnership with Fortune 100 insurance company Nationwide.
The collaboration involves offering the LeakBot device to US homeowners insurance customers as part of Nationwide's Smart Home Program. Nationwide, based in Columbus, Ohio, is the eighth largest homeowners insurer in the US and is known for its innovative Smart Home Program, which uses connected devices to alert customers about potential hazards in their homes.
LeakBot, selected by Nationwide as a water damage prevention system, aims to address a common protection gap. A recent survey by Nationwide revealed that less than 10% of homeowners utilise smart sensors to monitor water leaks, despite water damage being a significant cause of non-weather claims.
The first state launch is planned for early 2024, with details to be announced later. Successful deployment will be followed by expansion into additional states in 2024 and beyond.
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More good news from Ondo’s LeakBot, which has been rapidly gaining momentum across the UK, US and Europe in 2023. In recent news, Ondo announced an agreement with Southern Water to drive water efficiency within their area. This marked the second water company to introduce LeakBot. Southern Water will carry out a pilot, and install LeakBot in 1000 customer homes. If LeakBot were rolled out to Southern Water customers, 83 megalitres of water a day could be saved, the equivalent of 32 Olympic swimming pools.
Ondo has also been making strides with LeakBot in the US, announcing in August that it will partner with PURE insurance, piloting Ondo's LeakBot system to a portion of its membership in select states.
Shortly prior, Ondo said it signed a new five-year contract with Länsförsäkringar Trygghetstjänstera division of Sweden's largest non-life insurer, Länsförsäkringar. This agreement expands LeakBot's deployment across the Länsförsäkringar Group, encompassing approximately 2 million home insurance customers vulnerable to water damage claims, supporting its expansion across Sweden.
ONDO shares soared 33% on today's news.
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