Ondo InsurTech to expand LeakBot across 16 US states with Nationwide Mutual [Video]

Ondo InsurTech PLC (LSE:ONDO) chairman Mark Wood talked with Proactive’s Stephen Gunnion about the latest expansion of the company’s LeakBot technology across 16 US states through its partnership with Nationwide Mutual Insurance. Nationwide, a Fortune 100 company and prominent home insurance provider, initially tested LeakBot in Ohio. Encouraged by strong results, including enhanced customer satisfaction and reduced insurance claims, Nationwide has now broadened its reach with Ondo InsurTech’s solution.

In the interview, Wood noted the benefits of LeakBot’s technology for both insurers and customers: “Once the device is installed, we identify whether there’s a problem with water escaping somewhere in the household. This helps reduce insurance premiums for policyholders while boosting profitability for insurers.”

The advanced prepayment arrangement with Nationwide covers manufacturing costs, allowing Ondo InsurTech to fund its expansion across US states without capital outlay. Wood also shared the company’s recent fourfold capacity increase in its UK-based production facilities, which will support ongoing …