In This Article:
Claims prevention firm Ondo Insurtech has partnered with Nationwide Mutual to launch a major expansion of LeakBot into 16 US states.
Nationwide will today announce that they will offer free LeakBot devices and repair services to new and existing customers in a total of 16 U.S. states: Pennsylvania, Maryland, North Carolina, Virginia, Montana, Idaho, Kentucky, Indiana, Vermont, Oregon, West Virginia, Tennessee, Illinois, New Hampshire, and Washington, in addition to Ohio.
In addition, the service will be available to both existing and new customers as part of Nationwide's insurance offering.
Mark Teets, director personal lines product development at Nationwide, said: “Our strategy at Nationwide is to ‘Predict and Prevent’ and we have fully integrated LeakBot into our own platform to do this for water damage in our members homes. The results so far have been remarkable and this has led us to already expand the distribution of LeakBot to our customers in these 15 new states. Our ambition at Nationwide is for all of our customers to benefit from this type of Predict and Prevent technology as we believe that finding an issue and fixing it before it becomes a major problem is good for both the company and the customer.”
Craig Foster, Ondo CEO, added: "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. 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 groundbreaking 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.”
In October 2024, Ondo announced it will increase production capacity at its UK manufacturing facility.
This is a result of increasing demand for LeakBot across the insurtech’s key markets but the US in particular.
Ondo has agreed to make further capital investment in a second dedicated production line at its manufacturing partner, Asteelflash in Bedford, England.
This investment will increase the current production capacity at the Ondo facility from 10,000 to 40,000 units per month.
"Nationwide Mutual to expand LeakBot into 16 states" was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.