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
|
|
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
