LONDON, UK: London-based insurtech company Ondo has announced a new partnership with global business process management (BPM) company WNS to offer innovative claims prevention technology to home insurers.
WNS is known for running claims operations for major insurers across Europe and the US, with a market capitalization of over $4 billion.
The new partnership will see WNS utilizing Ondo’s technology and repair services to predict and prevent water damage claims in homes for their insurance partners. In an unprecedented move for the Property and Casualty (P&C) insurance industry, WNS will also offer a Loss Reduction Guarantee.
Under the agreement, Ondo will provide the necessary technology and repair services, while WNS will manage claims, customer operations, and transformation services. In addition, WNS will offer the guaranteed indemnity saving.
The partnership marks a significant milestone for Ondo, as WNS works with some of the largest insurers globally. Ondo’s ‘escape of water’ claims mitigation technology has the potential to bring substantial financial benefits to WNS’s household insurance clients worldwide.
This latest partnership represents a significant opportunity for Ondo to showcase its innovative claims prevention technology to a wider audience. As more insurers seek to improve their claims prevention and management processes, collaborations like this are likely to become more common across the insurance industry.
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.”