Ondo InsurTech Plc is set to expand its claims prevention technology for home insurers in the United States.
The London-listed firm has partnered with Fortune 100 insurance company Nationwide to offer its LeakBot device to US 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 US. It has now selected LeakBot as a water damage prevention system that can be offered within the programme.
According to a new Agency Forward survey from Nationwide, less than 10% of homeowners utilise 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. Following the successful deployment, the companies intend to expand into additional states in 2024 and beyond.
“The average cost of a water claim is more than $12,000, but many water losses are preventable,” said Sarah Jacobs, vice president of personal lines product development at Nationwide.
“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 US 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.”