Ondo InsurTech has formed a partnership with US-based insurance company Nationwide to offer its claims prevention technology, LeakBot.
Under the alliance, Ondo will offer LeakBot to homeowners insurance customers as part of Nationwide’s Smart Home Program.
LeakBot is an IoT device that connects to a household’s wireless network and alerts users about water leaks.
According to Ondo, which is listed on the London Stock Exchange, LeakBot will assist in bridging a typical protection gap that many consumers might encounter.
Less than 10% of homeowners use smart sensors to keep an eye on water leaks or flow in their homes, even though water damage is one of the main reasons for non-weather claims, according to a recent Agency Forward poll from Nationwide.
Nationwide and Ondo are preparing for the first state launch, which is scheduled for early 2024.
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Specifics of the launch will be revealed later.
The companies plan to expand into more states in 2024 and beyond, following a successful deployment.
Nationwide’s personal lines product development vice-president Sarah Jacobs said: “The average cost of a water claim is more than $12,000, but many water losses are preventable.
“We are excited to offer the LeakBot solution to our customers to help reduce these avoidable accidents and offer greater peace of mind that they are protected from unforeseen damage and disruption in their homes.”
Ondo CEO Craig Foster 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.”
In August 2023, Ondo signed a similar agreement with PURE Insurance, a property and casualty insurer.