Previsico partners with Geosite on predictive flood modelling

Flood forecasting insurtech  Previsico has partnered with geospatial data provider Geosite to enable US carriers to predict, prevent and mitigate flood losses.

Previsico will offer its live actionable insights for surface water flooding through Bedrock, Geosite’s multi-peril, spatial data engine platform.

Up to 48-hours before the storm approaches, properties that are most likely to experience flooding will be identified and customers alerted so they can take mitigation measures. In the past, insurers have had to rely on either long-term flood projections or wait until long after a flooding event to assess the outcome.

Previsico’s real-time flood forecasts, updated every three hours with projected flood depths, are currently used by Zurich, Liberty, and Generali. The data will be beneficial for Geosite’s clients to improve processes throughout the insurance value chain, including underwriting, claims processing, reserving, and customer support, even before FNOL.

The data Geosite sources and surfaces for insurance carriers comes from multiple sources (satellites, drones, aircraft, IoT devices, and advanced analytics) and can be used to analyse multiple perils such as flooding, wildfires, and earthquakes, and combined with exposure data from geospatial AI and property information partners.

Rachel Olney, CEO and founder of Geosite, said: “We are excited to be partnering with Previsico to combine the power of their predictive flood modelling with our unique Bedrock platform. Our aim is to give carriers using Bedrock more rapid and accurate reserving and post-catastrophe claims handling across a comprehensive range of perils. The partnership with Previsico will deliver powerful insights to help deliver on that promise.”

Jonathan Jackson, CEO of Previsico, said: “As the US insurance industry addresses the ever-increasing threat from flooding due to climate change and urbanisation, as seen earlier this year in Las Vegas, this partnership delivers a truly unique solution. Together, Previsico and Geosite offer a one-stop-shop for insurers to accurately assess properties that are at imminent risk of flood and deliver effective flood resilience measures.”