According to executives, the collaboration will enhance flood resilience and mitigate insurers’ losses.
Watertight International is the market leader in property flood resilience solutions and is currently scaling its operations in the UK and worldwide in the flood risk mitigation space.
Previsico’s next generation live flood forecasting solution now uniquely brings together IoT sensors, the latest weather data from the Met Office and IBM, and their advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers and their major corporate clients.
As a UK market leader with a robust market positioning, the insurtech 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.
Previsco and Watertight International enhancing the property flood insurance space
The partnership between Watertight International and Previsico brings together two complementary entities in the insurtech space that both seek to protect property from flood. The process requires timely and accurate warnings that trigger a flood plan going into action, which includes making flood resilience measures operational to mitigate flood risks and reduce insurers losses.
The partnership will also support insurers’ risk engineering teams who undertake flood risk analysis to advise clients to use flood warnings and implement flood resilience measures. Innovative insurer Liberty Specialty Markets is the first insurer to use this service to mitigate flood losses for its clients.
Currently, Watertight is the market leader solutions provider in designing, sourcing, installing and maintaining property flood resilience solutions, such as flood barriers. Their approach follows the UK Govt.’s Property Flood Resilience (PFR) industry Code of Practice, supported by insurers across the industry, including Flood Re, Aviva, Zurich, and Sedgwick.
Speaking about the new collaboration, Jonathan Jackson, CEO of Previsico, explained, “Previsico and Watertight is a perfect partnership. During early trials, Previsico had installed its own sensors, but we needed a specialist to take on the installation following surging demand. Together Previsico and Watertight are now able to offer a one-stop-shop for risk engineers who have assessed properties at risk of flood and require PFR measures and warnings.”
Meanwhile, Gareth Boyd, CEO of Watertight, said, “Watertight had been seeking a flood warning system that covered surface water, as our flood resilience preparedness measures’ effectiveness relies on such warnings. It will be hugely beneficial therefore, to partner with Previsico, the market leader in this space.”
Graham Brogden, former chair of the PFR roundtable, and advisor to both parties, commented, “As the insurance industry works to address the ever-increasing threat from flooding due to climate change and urbanisation, proven solutions to flood loss are needed more than ever.
He added, “Through working with underwriters in Lloyd’s Lab, Previsico demonstrated how commercial property loss mitigation of over 70% was very achievable with the combination of warnings, a flood plan, and resilience measures. The Industry Code of Practice reinforces this, and this partnership with Watertight will help property owners to mitigate the majority of their flood losses.”