Ondo InsurTech has expanded its partnership with Nationwide to roll out LeakBot, a device designed to prevent water damage, across 16 states.
Initially launched as a pilot in Ohio, LeakBot is now part of Nationwide’s standard offering for both new and existing homeowners insurance customers.
This expansion supports Nationwide’s “Predict and Prevent” strategy under its Smart Home Program, which uses connected devices to notify homeowners of potential hazards. The service includes free LeakBot devices and coverage for repairs, now extended to customers in Pennsylvania, Maryland, North Carolina, Virginia, and more.
Ondo InsurTech is a London-based company specializing in claims prevention technology for home insurers. Their primary product, LeakBot, is a patented Internet of Things (IoT) device designed to detect water leaks in residential properties.
LeakBot connects to a home’s main water supply and monitors for leaks, alerting homeowners to potential issues before they escalate into significant damage. This proactive approach has been shown to reduce water damage claims costs by up to 70%.
The pilot yielded strong results, achieving a Net Promoter Score (NPS) of +87 and a customer satisfaction score of 4.9 out of 5. Ondo CEO Craig Foster highlighted that this expansion is crucial for the company’s U.S. growth strategy. He noted its potential to simplify market entry for other insurers interested in LeakBot technology.
Our strategy is to ‘Predict and Prevent,’ and we’ve seamlessly integrated LeakBot into our platform to manage water damage in members’ home
Mark Teets, Director of Personal Lines Product Development at Nationwide
“The results prompted us to extend LeakBot to 15 additional states. We aim to provide all customers with this proactive technology, as early detection and prevention benefit both the company and the customer.”
LeakBot’s effectiveness has led to partnerships with major insurance companies across the UK, USA, and Europe. For instance, in June 2023, Ondo announced a collaboration with Mutual of Enumclaw to install 10,000 LeakBot devices in Washington State homes.
In October 2022, Hiscox UK shared a case study at the Society for Insurance Research Annual Conference, highlighting how LeakBot can prevent water damage claims.
Ondo’s mission is to lead the transition from traditional risk transfer to sustainable risk reduction in the insurance sector. By scaling up LeakBot globally, they aim to make it a standard expectation for home insurers, similar to a five-lever door lock.
This strategy not only benefits insurers by preventing claims but also promotes environmental sustainability by reducing water waste and the debris resulting from water damage repairs.
