Shares of Ondo InsurTech PLC (LSE:ONDO) jumped 12% after Nationwide Mutual Insurance announced it would expand its use of Ondo’s LeakBot device to 16 US states.
LeakBot, a water leak detection device, will now be offered at no cost to both new and existing Nationwide customers as part of their homeowners insurance policies.
This move builds on a successful pilot in Ohio, where LeakBot was integrated into Nationwide's Smart Home Program to help reduce claims by preventing water damage.
Customers in the expanded coverage areas will receive free LeakBot devices and repairs. LeakBot has achieved high satisfaction ratings, with a Net Promoter Score (NPS) of +87 and an average customer rating of 4.9 out of 5.
Ondo confirmed that advance payments from Nationwide will fully fund the rollout, helping support the company’s growth as it scales up across America.
The stock rose 2.75p to 25.75p.