Insurtech Previsico speeds up UK IoT flood solutions rollout
The flood mitigation insurtech, Previsico, has decided to fast-track the rollout of its IoT detection solutions across the UK.
This includes standalone services for clients seeking to manage and mitigate flood losses. The move follows the insurtech’s success in flood-risk areas across the UK, including in Whalley, which was devasted by flooding in both 2015 and 2020.
Previously, the IoT solution was only available as part of Previsico’s full solution that combines their world-leading flood modelling capabilities and IoT technologies to address the increasing global issue of surface water flooding. Previsico is now aiming to have 3,000 IoT devices installed for clients across the UK by Q4 2023, and are in talks with several insurance and risk management partners to accelerate this process.
Previsico trials proved pilots successful
Previsico, which was founded in 2019, provides real-time, property-level surface water flood forecasts to mitigate flood impacts globally, including live actionable flood nowcast and forecast warnings.
It already enjoys a robust marketplace reputation and was voted into the ‘Hot 100’ global InsurTechs by Intelligent InsurTech and won the prestigious ‘Innovation of the Year’ award at the British Data Awards 2021, against strong competition in all sectors, including FTSE 100 firms, tech unicorns, public sector bodies, and not-for-profit organisations.
The insurtech launched their first IoT-based flood alert system, after successful UK trials, in July 2021. Since then, Previsico has twice enabled flood wardens in Whalley to respond to clear a blocked culvert trash screen on Wiswell Brook – avoiding flooding in the town – most recently during heavy rainfall earlier this month.
Liberty Specialty Markets, was the first UK insurer to provide both real-time flood warnings to clients triggered by Previsico’s IoT sensors, which were placed in watercourses close to their premises, enabling them to take pro-active action to protect their assets from flooding.
Protecting UK homes and businesses against flood damage
Speaking about the rollout of Previsico’s services, and the success of the recent pilots, Dr Andrew Pledger, IoT Systems Manager, Previsico, commented, “We are delighted to have seen the efficacy of our first IoT solution in Whalley, particularly following previous major flood issues in the town. Now, and by working in partnership with insurers and end-clients, we can save more people, properties, and businesses from the devastating impacts of flooding – particularly the effects of surface water.”
“Our solution gives insurers the ability to alert customers of immediate risks to their assets, so they can move valuables - including cars - to higher ground or set up temporary flood defences around their properties in the case of an imminent flood – a win-win for insurers and their customers.”
Previsico was launched following 20 years of academic research, and is now supporting brokers, insurers Liberty, Zurich, Generali, and their clients, with ‘live actionable flood warnings’ for surface water flooding. Working with Lloyd’s Lab, underwriters agreed Previsico’s warnings can mitigate 70% or more of commercial loss for businesses with a flood plan and resilience measures.
