12th Nov 2024 16:32
(Alliance News) - Ondo InsurTech PLC on Tuesday celebrated an expansion of its partnership with Nationwide Mutual Insurance Company, in order to roll out LeakBot across 16 states in the US.
Ondo InsurTech is a London-based claim prevention technology firm for home insurers, while Nationwide is one of the largest homeowners insurers in the US.
In November, Ondo said that Nationwide had chosen to offer LeakBot to customers in Ohio and would integrate LeakBot into their Smart Home Program. That technical integration is now fully complete.
Nationwide will now offer free LeakBot devices and repair services to new and existing customers in a total of 16 US states: Pennsylvania, Maryland, North Carolina, Virginia, Montana, Idaho, Kentucky, Indiana, Vermont, Oregon, West Virginia, Tennessee, Illinois, New Hampshire, and Washington, in addition to Ohio.
"This is a major step in our US expansion and a great endorsement from one of the biggest and best insurers in the United States," said Chief Executive Officer Craig Foster.
"Nationwide have been the perfect anchor partner for us in the United States and by taking the lead in the geographic expansion of our solution, make it much easier for other US carriers to also introduce our ground breaking product to their customers across the United States. The fact that the production capacity to handle demand is secured and the fact that this expansion does not create any additional working capital strain are also fundamental to the executability of this rapid growth plan."
Shares in Ondo InsurTech were up 5.9% at 24.35 pence each in London on Tuesday.
By Holly Beveridge, Alliance News senior reporter
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