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 customers 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.