Jul 5, 2021

FloodMapp partners with Esri Australia for live mapping tool

Insurtech
FloodMapp
EsriAustralia
live
2 min
FloodMapp is rolling out a live mapping feed called NowCast under a new partnership with Esri Australia

FloodMapp has partnered with Esri Australia, a supplier of geographic information system (GIS) software, to roll out its new product: NowCast. 

NowCast provides government leaders and emergency responders with access to real-time flood mapping via a live mapping feed. Leveraging AI and Machine Learning, FloodMapp’s rapid, real-time models incorporate live river height data and the latest elevation models to provide accurate, detailed information easily accessed by organisations to understand and respond to flooding.

Mark Wallace, Business Development Manager at Esri Australia, said NowCast will serve as a valuable information source for government leaders and emergency response teams responsible for managing the response to ongoing crises.

“Crises such as the 2021 Australian East Coast floods reiterate just how critical it is to have access to an accurate, map-based view of a situation as it unfolds,” said Wallace.

“Through a progressive use of Geographic Information System (GIS) technology, FloodMapp has created a series of transformative solutions that will make a real difference to how communities plan for major flood events.”

 

Rapid flood model technology’

 

FloodMapp has created a rapid flood model technology called DASH. Powered by AI, DASH uses machine learning, hydraulics, and hydrology algorithms to forecast and map flooding in real-time. DASH ingests real-time and forecast rainfall data, coastal and real-time river height data through large-scale cloud-based data pipeline infrastructure to rapidly predict peak river heights, and generate inundation mapping at scale over large areas.

“DASH is the engine that powers ForeCast, NowCast and PostCast to support the emergency management process before, during and after the flood. This means that we can provide dynamic, real-time flood forecasting and mapping data feeds at scale to protect critical infrastructure, improve service delivery, and ensure safety is afforded during field service management.

“Essentially, we have created an interactive, integrated map that can be read by anyone from hydraulic engineers to members of the public during flood events,” said FloodMapp Co-Founder Juliette Murphy.

FloodMapp is already operational in Queensland as well as in the USA working with government agencies, utilities, logistics companies, and insurers.

 

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Aug 1, 2021

CB Insights: US Insurtechs Are Competing In A Global Market

CBInsights
WeFox
Finance
Insurtech
2 min
Tech market intelligence platform CB Insights highlights that 2021 insurtech funding is less dominated by US firms and more geographically diverse

In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries. 

What Are the Stats? 

Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development? 

 

Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services. 

Why Does This Matter? 

You’re always going to see the typical insurtech contenders from Western countries. For instance: 

 

 

But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries

 

According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech

 

Just ask CB Insights. InsurTech value propositions have resonated with the world. 

 

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