Previsico from Lloyd’s Lab partners with Zurich Insurance
Lloyd’s Lab Cohort 4 alumni Previsico has partnered with insurer Zurich Insurance Company and one of their top UK customers in a market-first tripartite pilot across 5,000 UK locations.
Surface water flooding currently affects approximately 3 million people in the UK, compared to river and sea flood risk, which affects 2.4 million. Previsico has developed a flood forecasting technology that addresses this problem. The tool offers hyper-local and real-time surface water flood warnings, tailored to the needs of a range of global insurance customers. This enables insurers to offer a more tailored service which leads to happier customers and improved claims efficiency.
Whilst taking part in the Lloyd’s Lab, Previsico launched a new underwriting tool within the 10 weeks which enhanced insurers’ flood risk models for both commercial and residential property. Previsico were then able to provide actionable property level warnings up to two days in advance, therefore, minimising flood impacts across the entire industry.