Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced that it plans to target the US market, backed by funding from Innovate UK.
The insurtech launched UK-wide in November 2019 to support insurers, brokers, and customers with live flood warnings, including uniquely for surface water flooding.
And now, it is planning its expansion into the US ahead of its Series A funding in 2021, with £700,000 of loan support from the UK’s innovation agency.
The Innovate UK loan will support accelerated product development, more proof of concept trials with insurers, collaboration with the Lloyd’s Lab, and continued expansion, including in the US, where there is an urgent need for surface waterflood modelling.
“The increasing catastrophic risk of flooding, including surface water flooding in the US, and worldwide, make this development very timely,” said Previsico’s CEO Jonathan Jackson.
“We have big plans at Previsico, including our Series A round in 2021. This loan will enable us to accelerate our product development and growth, including in the US as a key target market for 2020.”
Previsico already offers insurers the ability to alert customers of immediate risks to their properties, so they can move valuables to higher ground and set up temporary flood defences in the case of an imminent flood.
And the insurtech can also provide insurers with an accessibility map in the case of flooding, so that claims teams more accurately understand where it has occurred, to reach affected properties and protect vulnerable customers.