Live flood forecasting insurtech firm Previsico has announced that it will join the Launch Innovation Lab, powered by Lloyds Banking Group, to develop solutions for flood resilience.
Together, Previsico and Lloyds will work to develop a solution for Lloyds home insurance customers, against a backdrop of increasingly severe and frequent flood events.
The aim of the Launch Innovation Lab, which will run over the course of 12 weeks, is for selected insurtechs to work in partnership with Lloyds to create new data-driven insurance solutions.
“We are delighted to join the ‘Launch Innovation Lab’,” said Lucy Coutts, Business Development Manager at Previsico.
“It will give us invaluable experience, with unprecedented access to business leaders, designers, industry experts, and mentors, as we shape our solution to fit Lloyds’ specific needs.”
Already relied upon by the Cabinet Office, Emergency Services and the insurance sector, Previsico’s live flood forecasting solution has the potential to alert Lloyds customers of imminent flooding, down to an individual property level (25m).
This would enable people to move valuables to higher ground and set up temporary defenses ahead of a flood.
Additionally, Previsico’s solution can provide Lloyds with a visualisation tool in the case of flooding, so that their claims teams can better reach affected properties and protect vulnerable people.
“The market is ripe for disruption,” noted David McLeay, Innovation Product Owner for Lloyds Banking Group.
“We have an environment where customers’ needs are changing and in parallel, there are a lot of significant new technologies opening up opportunities.”