Shares of Ondo InsurTech PLC (LSE:ONDO) jumped by a third in early trading following the announcement of its partnership with Nationwide, a leading US insurance and financial services company, that will see the integration of Ondo's LeakBot technology into Nationwide's Smart Home Program.
Nationwide, headquartered in Columbus, Ohio, is the eighth-largest homeowners insurer in the United States and has been a pioneer in home safety innovation. Its Smart Home Program utilises connected, smart devices to alert homeowners of potential hazards, thereby enhancing the safety of their living environment.
The addition of Ondo's smart water leak detector to the program is set to address a crucial protection gap, investors were told.
At 9.02 am, the shares were trading at 26p, up 6.5p.