Ondo InsurTech Plc (“Ondo”), the first London-listed InsurTech company and leader in claims prevention technology for home insurers, is pleased to announce a new go-to-market partnership with WNS (Holdings) Ltd (“WNS”), a world-leading business process management (BPM) company quoted on the New York Stock Exchange (NYSE:WNS).
In the US and UK every year insurance companies spend $17bn putting homes back to how they were before a leak. That’s 1.6 million homes annually where floors are ripped out, drywall is trashed, and furniture ends up in landfill. This is all in a bid to try and put things back the way they were before. Ondo’s LeakBot technology which is manufactured exclusively in the UK protects properties and prevents bad things from happening by monitoring your home for hidden leaks and bursts. Through its proactive identification of water leaks homeowners are given peace of mind in a much more sustainable way than the traditional risk transfer model of insurance.
Craig Foster, CEO of Ondo InsurTech Plc, says: “The traditional model of insurance is outdated and not sustainable. It leads to spending billions of dollars on fixing what is already damaged. In an era of sustainability, technology should also filter down to your insurance to provide a more sustainable model and seamless customer experience.”
WNS is a market leader in BPM for insurance companies, running the claims operations for numerous household-name insurers in Europe and the United States, and have a market capitalization of over $4BN.
WNS is partnering with Ondo to predict and prevent water damage claims in homes for their insurance partners, and in a first-of-its-kind for the Property and Casualty (“P&C”) insurance industry WNS will offer a Loss Reduction Guarantee. Ondo will provide the technology and repair services, and WNS will manage claims, customer operations and transformation services, as well as offer the guaranteed indemnity saving.
The partnership represents a significant milestone for Ondo as WNS are working with some of the largest insurers in the world and have the financial strength to support significant deployments of Leakbots as part of their BPM offering alongside the offer of a loss reduction guarantee.
Ashi Bagdadi, Corporate SVP Insurance at WNS, says: “At WNS we aim to add more and more value to our insurance clients by bringing data, technology, best in class processes and best-of-breed insurtechs together in every use-case. We work with carriers globally to handle millions of dollars of water damage claims every year so we understand this risk intimately, which puts us in a unique position to deploy LeakBot at scale and guarantee the return-on-investment for our insurance customers”.
Craig Foster, CEO of Ondo InsurTech Plc, says: “This is a game-changer proposition within the home insurance industry which can considerably accelerate our business scaling. With the WNS loss reduction guarantee, insurers are incentivised to move straight to large scale rollouts to deliver a guaranteed improvement on their loss ratio. We look forward, in future, to being able to announce the fruits of the partnership.”