Live flood forecasting specialist Previsico has launched a new underwriting tool, developed during its time at the Lloyd’s Lab, to enhance insurers’ flood risk models for both residential and commercial property, and fine art risks.
The new underwriter modelling solution was designed with input and analysis from leading re- insurers over the course of a ten-week programme at the Lloyd’s Lab.
Lloyd’s Lab was established by to develop products, platforms and processes to help transform Lloyd’s into a digital data-driven market.
“We are delighted to have worked with the Lloyd’s Lab and some of the world’s leading flood risk insurers to design this game-changing new underwriting tool,” said Jonathan Jackson, CEO of Previsico.
“Our solution will enable insurers to boost their business by underwriting risks that were previously considered uninsurable, reduce losses by up to 100%, and enhance their client relationships.
“Our new solution is unique in that it gives insurers the ability to alert clients of imminent risks, down to an individual property level (25m), so they can move valuables to higher ground and set up temporary flood defences in the case of a forthcoming flood – a win-win for insurers and their clients.”
Trevor Maynard, Lloyd’s Head of Innovation, added, “This is another great example from the Lloyd’s Lab where risk prevention can work hand in hand with risk transfer through insurance. This will be much needed as Climate Change impacts continue to grow over the coming years.”
Dr Avi Baruch, COO of Previsico, noted, “Previsico can also provide insurers with an accessibility map in the case of flooding, so that claims teams can more accurately understand where it has occurred to reach affected properties and protect vulnerable people.
“This will not only lead to a better service and happier clients, but it will also enable an earlier indication of total losses, reduce fraud, and improve claims efficiency.”