Ondo achieve ISO27001:2022 certification | Company Announcement | Investegate

Source: investegate.co.uk

Ondo Insurtech Plc (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce the Company has been awarded the ISO/IEC 27001:2022 (ISO 27001) certification.

ISO 27001 is a global security standard that determines the requirements for establishing, implementing, maintaining, and continually improving an Information Security Management System (ISMS). In response to the strict criteria necessary to become an approved supplier to Nationwide, a major Fortune 100 financial services company in the United States, Ondo fast-tracked a project at the end of 2023 to achieve this certification.

The Company believes that achieving ISO 27001 will be of benefit in demonstrating to prospective new partners that Ondo is able to meet the most rigorous standards required in serving this highly regulated market, both in the US and internationally.

The subsequent successful external audit by a UKAS accredited certification body, demonstrated Ondo's systematic and ongoing approach to managing and mitigating the risks associated with its information assets across the whole organisation. These assets include (but are not limited to) the sensitive company and customer information the organisation holds and processes. As a result, Ondo is now recognised as fully compliant with this global security standard.

The scope of Ondo's ISMS includes the assets, technologies, and processes employed by Ondo for processing, management, and delivery of LeakBot services to its customers worldwide.

Craig Foster, Ondo CEO, says: "All of our Insurance partners have very rigorous requirements with regards to information security. The 3 party confirmation of the ISO 27001 Certification is another step in Ondo's growth story and demonstrates to new and existing partners that we are ready to deal with the very largest insurers in the world such as Nationwide".

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. Independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 16 insurance carriers - including Nationwide, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the USA.