Live flood forecasting insurtech, Previsico, has announced that it has gone live in New York with its flood forecasting technology, following the recent record flooding that took place in the state, and US $2.2 million of further funding to support its accelerated growth across the US market.
The insurtech’s model showed high levels of accuracy for the recent record flooding in New York, which led to the close of major infrastructure, which included both LaGuardia Airport and John F. Kennedy Airport.
The company noted that it focused on New York due to the state previously experiencing serious flood issues and losses over the years, even before the recent record flooding.
It has also been confirmed that other US states, such as Nevada where Las Vegas recently suffered multiple and lethal flash floods, will follow as demand continues to increase.
Previsico’s aim is to mitigate surface water flood losses for insurers and their customers in the US, which is regarded as being one of the world’s most affected markets.
The technology that Previsico provides possesses the abilities to give insurers the capacity to alert customers of immediate risks to their properties.
Moreover, the insurtech has gained solid traction across the globe, following 20 years of academic research, and is now supporting major insurers such as Liberty, Zurich, Generali, and their clients with live actionable flood warnings for surface water flooding to mitigate losses.
The company’s next generation live flood forecasting solution brings together the latest US weather data from IBM, IoT devices on the ground, and its advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers, the public sector, as well as major corporate clients and SMEs.
“Our move into the US market demonstrates our determination to continuously improve and extend our unique flood forecasting service. Working in partnership with the US insurance market, we will be able to help save people, properties, and businesses from the devastating impacts of flooding by mitigating its impact, particularly the effects of surface water,” commented Jonathan Jackson, Previsico’s CEO.
