Generali Global Corporate & Commercial (GC&C) has partnered with Previsico, a live flood alert insurtech company to “significantly” enhance UK clients’ flood emergency response readiness.
Generali GC&C aims to broaden its own insurance coverage capabilities using Previsico’s technical expertise and warning solutions which provide live, actionable surface water flood warnings not covered by any other system.
Previsico’s solutions use live hydrodynamic modelling that draws on several data sources, such as satellite imagery, weather data from the Met Office and IBM, LiDAR elevation data, IoT sensors, and more.
As a result of this partnership, GC&C’s clients can now benefit from a flood dashboard, which displays the predicted time and depth of flooding up to 48 hours in advance; and email notifications, with warnings that are triggered when properties are at risk.
Additionally, they can also access API feed, with an automated delivery of real-time forecast data allowing integration with existing systems; and a water depth sensor, which enhances monitoring in at-risk locations.
Previsco’s solutions have been developed over two decades of academic research, and in partnership with the Cabinet Office and emergency services.
Alan Moore, General Manager Generali UK Branch and UK Country Head Global Corporate & Commercial, commented: “This partnership will be truly beneficial to our clients and our business. We work hard to understand our clients’ most troubling concerns and protect their interests.
“Risk Engineering & Loss Prevention, together with Underwriting and Claims, are now becoming more data and technology based. With Previsico, GC&C strengthens its ability to meet the evolving clients’ insurance needs, by helping them to further prevent and mitigate their risk exposures and enhance cost-effectiveness of their insurance coverage”.
According to Generali GC&C, even though the UK Environment Agency (EA) early warning systems are already in place for river and coastal flooding, they are not for surface water flooding, which threatens one in five properties in the UK (more than any other form of flood risk).
The impact of climate change and urbanisation mean that surface water flooding already makes up almost 60% of UK flood risk, according to the UN Intergovernmental Panel on Climate Change.
Further, a threefold increase in commercial property damage from climate related risks is predicted by XDI 1000 by 2050, the insurer added.
Jonathan Jackson, CEO of Previsico, said: “We are proud to be supporting Generali GC&C with the tools and technology they and their clients need to mitigate loss and build climate resilience.
“As the effects of climate change become ever more prominent, offering such a service will help Generali to secure its leading position in the UK market over the long term”.