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