Zak Mir talks to CEO Craig Foster (LON:ONDO) Ondo InsurTech Plc

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Ondo InsurTech PLC (LSE: ONDO), the London-listed firm, has announced its new affiliate partnership with Waterwise, a prominent UK-based water efficiency non-governmental organisation.
They intend to jointly tackle the growing water crisis in the UK, particularly through advocating for technologies that help prevent water leaks.
In an official statement, Ondo declared that its alliance with Waterwise would focus on promoting judicious water usage. This includes leveraging tech solutions like Ondo's LeakBot, an intelligent device engineered to detect water leaks, thereby lowering both consumption and potential damage expenses for households.
Waterwise and Ondo both see an opportunity to bring the insurance and water industries together to help fight the UK's emerging water crisis:
● The UK's water resources are under increasing pressure. We use twice as much water than we did 60 years ago in the UK. We are starting to experience widespread droughts and periodic water shortages, impacted also by climate change.
● UK wildlife is being impacted by the over-abstraction of local streams and rivers.
● 5-6% of GHG emissions are related to our use of water, so reducing household consumption of water is also key to enable the UK to get to net-zero.
● Waterwise believes the UK needs to save in the region of 1,000 Megalitres per day through water efficiency measures to meet future needs.
● Leaking toilets are a surprisingly big part of the problem. Waterwise believes 8% of toilets are leaking 215-400 litres/day (broadly consistent with LeakBot data). If these toilets didn't leak it would save 400 Megalitres of water per day - enough water to meet the needs of 2.8m people
This is where LeakBot can really make a difference. LeakBot can reduce household leaks by 60% and the majority of the leakage in customers' homes that we fix is caused by leaky toilets. Full results of the Portsmouth Water pilot are available here.
Craig Foster, the CEO of Ondo, remarked, "Merging the insurance and water industries to utilize LeakBot is a logical move as it cuts costs for both parties and collectively."
Nathan Richardson, the Policy Head at Waterwise, stated, "With LeakBot, we envisage a scalable solution with the capacity to significantly benefit both the insurance and water sector, and potentially play a key role in reducing the UK's water demand."
Waterwise's research indicates that preventing leaks in toilets alone could conserve enough water to satisfy the needs of 2.8 million people in the UK. By endorsing the widespread implementation of such technologies, Waterwise, often regarded as the UK's autonomous advocate for water efficiency, believes the country could make strides toward achieving a goal of saving 1,000 megalitres of water daily, mitigating environmental impacts and drought risk.