‘Hot 100’ InsurTech Previsico, which provides real-time, street-level surface water flood
forecasts to save lives and livelihoods globally, today announced it will be targeting the Asia
market next. Backed by a grant from Hong Kong Science Park (HKSTP), Previsico will set up
an R&D hub to develop its 3rd generation live flood forecasting technology for the region.
The HKSTP grant, designed to attract high tech business with a strong R&D background,
provides US$150k over three years. This has enabled Previsico to open its Hong Kong office,
with the aim of employing five people by the end of the year. The office will be led by Dr.
Mingfu Guan, Assistant Professor at The University of Hong Kong.
Previsico’s focus will initially be on R&D for the region, along with growing their commercial
capabilities to target China and Japan, which both experience serious flood challenges and losses,
US$29bil recent events and US$20bil 2019 respectively. The first trials of Previsico’s technology
will commence in Japan with a local insurance partner soon. Others countries will follow.
Jonathan Jackson, Previsico’s CEO said: “We really appreciate HKSTP’s trust in us and the strength
of our research-led approach. This move demonstrates Previsico’s determination to continuously
improve and extend our unique flooding forecasting service, so that we are able to save more
people and organisations in Asia, indeed worldwide, from the devastating impact of flooding.”
As a Loughborough University spin-off backed by twenty years of academic research, Previsico has
been on a fast-track since the start, also recently launching in the US, to support insurers, brokers,
and customers with ‘live actionable flood warnings’, including for surface water flooding.
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
defencesin the case of an imminent flood – a win-win for insurers and their customers.
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 UK and US where Previsico’s surface water
flood modelling will be a major differentiator in the market.