Previsico, which specialises in modelling surface water flooding in real-time utilising the latest weather predictions to make property-level flood nowcasts and forecasts, will now be targeting insurers, brokers and big data company partners interested in improving their flood response.
High-profile stakeholders – including the Cabinet Office, Met Office and Environment Agency – have already facilitated successful pilots of FloodMap Live in four UK cities.
Previsico’s mission is to be the leading global provider of cutting-edge flood prediction that saves lives and livelihoods. This will be achieved by continuous innovation and harnessing the leading information sources and technological developments to maximise the prediction’s quality and its impact on those affected by flooding, including increasingly prevalent flash flooding.
Uniquely, Previsico’s FloodMap Live uses big data to produce round the clock property-level surface water flood risk predictions and analytics. These are continuously modelled and updated using a combination of different weather forecasts. This allows Previsico to map the likelihood of short and long-term surface water events in real-time at individual properties at street level.
Commenting on the launch, Previsico’s CEO Jonathan Jackson said: “At Previsico, we have built a diverse, passionate and highly skilled team with strong business acumen and research expertise. Following our funding, we are now able to bring our expertise and solutions to the insurance sector.
He added: “The sector can now benefit from Previsico’s unique FloodMap Live technology, which offers the market the ability to alert policy holders of immediate risks to their properties so they can protect their assets. This de-risks insurance policies especially when insureds agree to putting up flood defences. Other ways insurers can benefit include: adjusting policy pricing (or implementing moratoriums) before storms hit; having an accessibility map so that claims teams can know how to reach properties; understanding where flooding has occurred to provide early indication of total loss amounts, reduce fraud and improve claims efficiency.”
Previsico estimates that it could have saved the UK insurance industry at least £130m on 2015/16 floods. Looking ahead, and based on recent self-evident climate change flood events, Previsico is set to make a big impact on the insurance sector in 2019.
A SpinOut company from Loughborough University, InsurTech Previsico specialises in modelling flooding in real-time, using the latest weather predictions to make street-level flood nowcasts and forecasts.
Its mission is to be the leading global provider of cutting-edge flood prediction that saves lives and livelihoods. Current reach includes London, Manchester, Birmingham, Leicester and Loughborough, with the whole of the UK to be mapped by Oct 2019 and the East coast of the US by 2020.
Previsico is led by serial tech entrepreneur Jonathan Jackson, CEO, who is supported by a diverse, passionate and highly skilled team with strong business acumen and research expertise.