Founder and CEO
Insurance is defeatist. It accepts things go wrong, and wastes billions of pounds putting things back a bit like they were before – with a lot of stress and heartache along the way.
Take something as simple as water leaks from domestic plumbing. In the US and UK every year insurance companies spend $17bn putting homes back to how they were before a leak. That is 1.6m homes a year where floors are ripped out, dry wall is trashed and furniture ends up in land fill – all to try and put things back like they were before.
What a waste.
And that’s before we have considered the 1 trillion gallons of water wasted every year because of the same domestic water leaks. Why do we care about wasted water? Water is a renewable resource after all, right? What most people do not consider is the huge amount of energy it takes to treat and purify water. Drinking water and wastewater systems account for approximately 3–4 percent of energy use in the United States, resulting in the emissions of more than 45 million tons of GHGs annually (U.S. EPA, 2012b).
It doesn’t have to be this way.
At Ondo we have proven it is possible to use advanced technologies like LeakBot to protect properties and actually prevent bad things from happening in the first place, giving homeowners peace of mind in a much more sustainable way than the traditional risk transfer model of insurance.
Instead of spending billions of dollars on fixing what is already damaged, a more sustainable model is to use technology to spot things early and prevent major cost and upset later.
It is better for business, better for homeowners and better for the environment too.
We are leading this revolution one home at a time. We are Ondo InsurTech.