Weekend Review: Zak Mir talks to Ondo InsurTech PLC (AIM:ONDO) CEO Craig Foster

Fortune 100 Insurer Nationwide partners with Ondo to offer LeakBot to U.S. customers

Earlier this week Zak caught up with Craig Foster after the company delivered another major milestone with the news that they are working with Nationwide, the eighth-largest homeowners insurer in the U.S.

Ondo InsurTech Plc (“Ondo”), the London-listed leader in claims prevention technology for home insurers, announced 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.S1. 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, 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.”

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