Last checked at 20 Apr 2023 07:00
20 April 2023
Ondo InsurTech Plc ("Ondo" or "the Company")
Ondo and WNS (Holdings) Ltd sign go-to-market channel partnership to accelerate LeakBot deployment in North America and worldwide
Ondo InsurTech Plc ("Ondo"), the London-listed 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).
WNS are 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 capitalisation 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; WNS are working with some of the largest insurers in the world and Ondo's innovative 'escape of water' claims mitigation technology has the potential to bring material financial benefit to WNS's household insurance clients globally.
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."
Enquiries
For further information, please visit www.ondoplc.com or contact the following:
Ondo InsurTech Plc | Craig Foster, CEO | +44 (0) 800 783 9866 |
SI Capital Ltd (Company Broker) | Nick Emerson Jon Levinson | +44 (0) 1483 413500 +44 (0) 20 3143 0600 |
Cassiopeia Services Ltd (PR & Investor Relations) | Stefania Barbaglio | +44 (0) 7949 690338
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About WNS
WNS (Holdings) Limited is a leading Business Process Management (BPM) company, headquartered in Mumbai, India, and listed on the NYSE (NYSE: WNS). WNS combines deep industry knowledge with technology, analytics, and process expertise to co-create innovative, digitally led transformational solutions with over 400 clients across various industries. WNS delivers an entire spectrum of BPM solutions including industry-specific offerings, customer interaction services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of September 30, 2022, WNS had 57,503 professionals across 60 delivery centres worldwide including facilities in Canada, China, Costa Rica, India, the Philippines, Poland, Romania, South Africa, Spain, Sri Lanka, Turkey, the United Kingdom, and the United States.
For more information, visit www.wns.com.
About Ondo InsurTech PLC
Ondo InsurTech Plc is a world leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - claims prevention technology that prevents water damage claims in houses. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.
LeakBot partners with 11 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.
In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).
For more information, visit www.ondoplc.com