Insurtech Previsico and Lloyds Bank partner to increase flood resilience

UK-based flood forecasting insurtech Previsico has collaborated with Lloyds Banking Group to develop solutions for flood resilience.

The partnership will see Previsico join the ‘Launch Innovation Lab’ powered by Lloyds Bank to create a next generation of data-driven insurance solutions to support Lloyds Home Insurance customers, as the frequency and impact of extreme weather increases.

Previsico’s solution will also provide Lloyds with a visualisation tool in the case of flooding, to enable its claims team to more accurately understand total losses, reduce fraud, and improve claims efficiency.

Lucy Coutts, business development manager at Previsico, said: “We are delighted to join the ‘Launch Innovation Lab’. It will give us invaluable experience, with unprecedented access to business leaders, designers, industry experts, and mentors, as we shape our solution to fit Lloyds’ specific needs.”

David McLeay, innovation product owner for Lloyds Banking Group, commented: “The market is ripe for disruption. We have an environment where customers’ needs are changing and in parallel, there are a lot of significant new technologies opening up opportunities.”