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(Alliance News) - Ondo InsurTech PLC on Thursday said it has signed a go-to-market partnership with WNS (Holdings) Ltd to accelerate LeakBot deployment in the US and beyond.
Ondo InsurTech is a London-based company focused on claims prevention technology for home insurers, while WNS is a US-based business process management company quoted on the New York Stock Exchange.
Shares in the Ondo InsurTech surged 92% to 12.50 pence each in London on Thursday morning.
Under the terms of the partnership, WNS will partner with Ondo to predict and prevent water damage claims in homes for their insurance partners, and will also 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.
"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," said Chief Executive Officer Craig Foster.
By Holly Beveridge, Alliance News reporter
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