Last checked at 29 Apr 2024 07:00
29 April 2024
Ondo InsurTech Plc
("Ondo" or "the Company")
Nationwide and LeakBot Deployment Update
Ondo Insurtech Plc (LSE: ONDO), a leading company in water leak claims prevention technology for home insurers, is pleased to provide the following update with regards to the Nationwide partnership.
On 14 November 2023 Ondo announced a new partnership with Fortune 100 insurance and financial services company Nationwide to offer the LeakBot device to U.S. homeowners insurance customers as part of the insurer's Smart Home Program.
The first deliveries of devices have started in Cincinnati, Ohio and St. Louis, Missouri. Nationwide "auto-shipped" LeakBots (meaning sending devices directly to customers, unsolicited). Despite the distribution being unsolicited the installation rate is over 70%, significantly ahead of expectations.
Nationwide expects to deploy the remainder of the first 6,000-unit order in the next few weeks, primarily in Ohio. Ondo and Nationwide are now considering which states to expand into next in the coming months of 2024.
Sarah Jacobs, Vice President of Personal Lines Product Development at Nationwide said: "We have been pleased with the install rates in Ohio, and we are exploring which states we can expand to next. The team at Ondo have been a great partner so far. At Nationwide we really believe our Smart Home Program will be a key differentiator in homeowners insurance and LeakBot fits perfectly with our strategy".
Craig Foster, CEO said: "We are thrilled that the first Nationwide deployments have gone well, and we are now in homes repairing leaks and preventing claims. Nationwide is a key partnership for us in the United States and we are excited to keep exceeding expectations."
Enquiries
For further information, please visit www.ondoplc.com or contact the following:
Ondo InsurTech Plc | Craig Foster, CEO Kevin Withington, CFO | +44 (0) 800 783 9866 |
Dowgate Capital Ltd (Broker & Financial Advisor) | Russell Cook Nick Chambers Charlie Hall | +44 (0) 20 3903 7715
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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 water damage 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 70%.
LeakBot partners with 16 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.
In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc 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
