Ondo InsurTech PLC (LSE:ONDO) has partnered with Nationwide, a top-tier US insurance and financial services company to integrate its LeakBot tech into Nationwide's Smart Home Program for American homeowners.
Headquartered in Columbus, Ohio, the group ranks as the eighth-largest homeowners insurer in the United States.
It has been at the forefront of innovation with its Smart Home Program, designed to enhance home safety through connected, smart devices. These devices alert homeowners to potential hazards, contributing to a safer living environment.
The inclusion of Ondo's smart water leak detector in Nationwide's Smart Home Program addresses a significant protection gap, Ondo said.
Recent findings from Nationwide's Agency Forward survey revealed that fewer than 10% of homeowners currently use smart sensors to monitor water leaks or flow, despite water damage being a leading cause of non-weather related home insurance claims.
The collaboration between Nationwide and Ondo is set to kick off with the first state launch planned for early 2024, with further details to be announced in due course.
Following the initial launch, the companies aim to extend the offering to additional states throughout 2024 and beyond. This partnership marks a significant step in leveraging technology to enhance home insurance offerings and mitigate common household risks.
"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," said Ondo CEO Steve Foster.
"We look forward to making a success of the first state deployments in early 2024 and expanding from there."