Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced its nationwide launch in the UK.
The firm aims to support re/insurers, brokers, and their customers with live actionable flood warnings, including uniquely for surface water flooding.
Previsico believes that the growing threat of surface water flooding has the potential to affect 3 million people in the UK, compared to 2.4 million for river and coastal flooding.
The insurtech offers insurers the ability to alert customers of immediate risks to their properties, so they can protect assets with enhanced flood defences.
It also claims to help insurers benefit from adjusted pricing before storms hit, helping them to understanding where flooding has occurred to provide an early indication of total losses, reduce fraud, and improve efficiency.
Previsico utilises geospatial technology for weather predictions in partnership with IBM, and has more product developments in the pipeline.
Alongside the UK launch, Graham Brogden, previously Aviva’s Head of Technical claims and chairman of DEFRA’s flood resilience committee, has been hired to support Previsico’s expansion as an advisor.
“The current spate of catastrophic flooding in the UK, particularly in the north, supports the timely need for Previsico going live Nationwide, following successful pilots in four UK cities,” said Previsico CEO Jonathan Jackson.
He continued: “We are now working tirelessly with our early-stage stakeholders, including the Cabinet Office, Met Office and Environmental Agency to deliver live actionable property-level flood nowcast and forecast warnings, which as recent events have shown people are ready act upon to protect their lives, livelihoods and properties.”
Previsico estimates that it could have saved the UK insurance industry at least £130 million on the flooding that occurred in 2015 and 2016.
With extreme weather and flooding currently affecting the north of England in recent weeks, the Previsico launch comes at a significant moment for the UK re/insurance market.
Analysts at PwC have estimated that flooding could see claims payouts of between £80 million and £120 million, after 500 properties were flooded and 1,200 households evacuated.
Previsico originally announced its entry into the insurance sector back in August 2019 following a successful seed funding round.