TIDMONDO
RNS Number : 8089W
Ondo InsurTech PLC
20 April 2023
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 Nick Emerson +44 (0) 1483 413500
(Company Broker) Jon Levinson +44 (0) 20 3143 0600
Cassiopeia Services
Ltd
(PR & Investor Relations) Stefania Barbaglio +44 (0) 7949 690338
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
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