New insurtech Previsico sets out to make 'big impact' with new flood prediction solution using big data
Previsico, an insurtech spin-out of the Loughborough University specialising in flash flood forecasting technology, is launching into the insurance sector following a seed funding round.
The start-up uses big data to produce round the clock property-level surface water flood risk predictions and analytics, which are continuously modelled and updated using a combination of different weather forecasts. This allows Previsico to map the likelihood of short and long-term surface water events in real-time at individual properties at street level.
Previsico is targeting insurers, brokers and big data company partners looking to enhance their flood response, and expects to make a "big impact" on the insurance sector in 2019. The insurtech claims that it could have saved the UK insurance industry at least £130 million on 2015/16 floods.
The company's stakeholders, including the Cabinet Office, Met Office and Environment Agency, have facilitated successful pilots of FloodMap Live in four UK cities.
Previsico CEO Jonathan Jackson said: “At Previsico, we have built a diverse, passionate and highly skilled team with strong business acumen and research expertise. Following our funding, we are now able to bring our expertise and solutions to the insurance sector."
He added: “The sector can now benefit from Previsico’s unique FloodMap Live technology, which offers the market the ability to alert policy holders of immediate risks to their properties so they can protect their assets. This de-risks insurance policies especially when insureds agree to putting up flood defences. Other ways insurers can benefit include: adjusting policy pricing (or implementing moratoriums) before storms hit; having an accessibility map so that claims teams can know how to reach properties; understanding where flooding has occurred to provide early indication of total loss amounts, reduce fraud and improve claims efficiency.”
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