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Previsico enters insurance market

Previsico enters insurance market | Insurance Business

Previsico enters insurance market

Flooding modeller Previsico is now ready to offer its technology to the insurance industry.

Following its successful seed funding round, details of which were not specified, the Loughborough University insurtech spin-off has now rolled out its proposition which features real-time surface water flooding modelling based on the latest weather predictions.

Previsico’s FloodMap Live tool, which leverages big data to provide property-level flood nowcasts and forecasts, has been successfully piloted by the likes of the Cabinet Office, Met Office, and Environment Agency in four UK cities.

Commenting on its insurance market launch, chief executive Jonathan Jackson (pictured) stated: “The sector can now benefit from Previsico’s unique FloodMap Live technology, which offers the market the ability to alert policyholders 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.”

The CEO added: “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.”

According to Previsico, the current reach of FloodMap Live includes London, Manchester, Birmingham, Leicester, and Loughborough, with the whole of the UK to be mapped by October this year.