Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

InsurTech Previsico launches solution to fill flash flood forecasting gap

In View Summary

Previsico is a global provider of real-time, street level flood prediction and analytical solutions using rainfall predictions. The insurtech is a spin-out from Loughborough University. The company is led by Prof. Dapeng Yu who is the Founder and Chief Scientific Officer. The initiative is supported by Innovate UK and iCURE.

The modeller is entering the insurance industry which proposes to develop real-time surface water flooding modelling based on the latest weather predictions. The tool is called Previsico’s FloodMap Live which leverages big data to provide property-level flood nowcasts and forecasts. It maps the likelihood of short and long-term surface water events in real-time to the street level. The tool has been successfully piloted by the Cabinet Office, Met Office, and Environment Agency and is now live across the UK.

Previsico is a global provider of real-time, street level flood prediction and analytical solutions

Previsico’s mission is to be the leading global provider of cutting-edge flood prediction that saves lives and livelihoods. The company boasts of its capabilities which includes :

Data Feed: APIs which seamlessly integrates with risk management portals or other mapping applications to regularly deliver nowcasts and forecasts

Visualization tool: The company is developing a tool which will enable customers to view timelines of predictions as well as review historical events. This is due for launch in fall, 2019.

Tailored alerts: Customers can receive real-time alerts on the likelihood of their assets or vulnerable areas being flooded.

Analytical Solutions: It provides a range of bespoke and off the shelf analytical solutions including maps and infographics showing the accessibility of operations teams. This enables customers to (a) identify key assets at risks of flooding and (b) evaluate the wider flood impacts on their services.

Workshops: Offers workshops, customer support and training for customers

FloodMap: FloodMap software is an intuitive two-dimensional flood modelling tool widely used in many applications, including surface water, fluvial and coastal flood modelling.

The tool is available across the UK and there are plans to launch in the US.

‘Floodmap Live’ fills a gap in the market and uniquely enables brokers and insurers to:

  1. Alert policyholders of immediate risks to their properties so they can protect their assets, great value added to customers
  2. De-risk insurance policies, especially when insureds agree to put up flood defences
  3. Adjust policy pricing (or implementing moratoriums) live and before storms hit
  4. Have an accessibility map so that claims teams can know how to reach properties
  5. Understand where flooding has occurred to provide an early indication of total loss amounts, reduce fraud and improve claims efficiency

Reported Benefits

Benefits to Customers:

  • Enhanced product and services
  • Improved customer experience
  • Faster claims and risk mitigation
  • Improved pricing
  • Innovation

Benefit to the Insurer:

  • Improved products and services
  • Enhanced customer engagement
  • Improved product pricing

The Digital Insurer's View

Data and analytics play a key role in creating effective data-driven solutions. These solutions are capable of  Risk mitigation and redistribution of the risk and Innovations with evidence-based risk advisory services.

The satellite-derived holds untapped potential and Big Data will allow combining vast amounts of data with claims information to develop insightful strategies for the industry.

References

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in