Ondo InsurTech 'exceeds expectations' with rollout of LeakBots to Nationwide clients in US
May 01, 2024 at 07:18 pm IST
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Ondo InsurTech PLC (LSE:ONDO) chief executive Craig Foster joins Proactive's Stephen Gunnion with an update on the deployment of its LeakBot devices to Nationwide clients in the United States.
Foster said since partnering with Nationwide, one of the US's largest home insurance companies, in November, the first deployment in the state of Ohio had exceeded expectations, with an installation rate of over 70%, significantly higher than usual rates. He said the unsolicited shipment approach used, led to this high uptake.
Further deployments are anticipated following this initial success, with discussions ongoing about expansion into additional states.
Additionally, Foster touched on Ondo InsurTech's broader US operations, noting launches in Washington, New Jersey, and New York with various insurance partners, all receiving positive feedback.
Foster emphasized the similarity of customer service and claims results between the US and Europe, reinforcing confidence in the firm's strategy. The company sees significant potential in tackling the US home insurance market's $16 billion annual problem related to water damage, positioning its technology as a unique solution.
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Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Ondo InsurTech plc is a United Kingdom-based company, which provides claims prevention technology for home insurers. LeakBot, its InsurTech system, is proven to reduce water damage claims costs by approximately 70%. LeakBot is an end-to-end, Internet of things (IoT) escape of water claims mitigation solution that has a proven commercial model and business case for insurers. Its Thermi-Q technology detects micro leaks using temperature change. LeakBot works 24/7, monitoring its customers homes for hidden leaks and bursts. Instant alerts are sent to its customers smartphones if there is a problem. When a leak is detected, the Company arranges an approved expert plumber to find and fix it. LeakBot is an end-to-end business to business to consumer (B2B2C) system, which includes more than 80% self-installation rate, micro-leak sensitivity, device and in-home service that can be offered for free to homeowners. LeakBot's app allows its customers to receive instant alerts.
ONDO INSURTECH PLC 
