‘Hot 100’ InsurTech Previsico today announced it will be targeting the US market with its unique 3rd generation live flood forecasting technology, as the company heads towards Series A funding in 2021, with Innovate UK £700k loan support.
Previsico, a Loughborough University spin-off backed by 20 years of academic research, has been on a fast-track since launch, including going UK-wide in November 2019 to support insurers, brokers, and customers with ‘live actionable flood warnings’, including uniquely for surface water flooding.
The Innovate UK loan will support: accelerated product development to improve Previsico’s accuracy and speed; more proof of concept trials with insurers; collaboration with the Lloyd’s Lab to deliver value-added services in underwriting, loss mitigation, and claims; and continued expansion, including in the US, where there is an urgent need for surface water flood modelling.
Previsico’s CEO Jonathan Jackson said: “the increasing catastrophic risk of flooding, including surface water flooding in the US, and worldwide, make this development very timely. We have big plans at Previsico, including our Series A round in 2021. This loan will enable us to accelerate our product development and growth, including in the US as a key target market for 2020.”
Uniquely, Previsico already offers insurers the ability to alert customers of immediate risks to their properties,so they can move valuables to higher ground and set up temporary flood defences in the case of an imminent flood – a win-win for insurers and their customers. Previsico can also provide insurers with an accessibility map in the case of flooding,so that claims teams more accurately understand where it has occurred, to reach affected properties and protect vulnerable customers. This will not only lead to a better service and happier customers, it will also enable an earlier indication of total losses, reduce fraud, and improve claims efficiency.
Utilising the latest geospatial technology for weather predictions, Previsico, in partnership with IBM, fills a big gap in the flood forecasting market with its 3rd generation solution. It is set to make a big impact on the insurance sector, including in the US where Previsico’ssurface water flood modelling will be a major differentiator in the market.