UK insurtech launches flood alert service in the US
“Our transfer into the US market demonstrates our dedication to constantly enhance and prolong our distinctive flood forecasting service,” stated Jonathan Jackson, CEO of Previsico. “Working in partnership with the US insurance coverage market, we will save folks, properties, and companies from the devastating impacts of flooding by mitigating its affect, notably within the results of floor water.”
Half of all US financial losses from flooding are the results of pluvial flooding, which happens when excessive rainfall creates a flood impartial of an overflowing physique of water. Nevertheless, present flash flood warnings lack actionable information, as they cowl massive areas – which generates false alarms and a resultant lack of motion, Previsico stated.
Learn subsequent: Flood insurance hikes will drive one million from the market – FEMA
“At Nexus Alpha, we work with many modern companies,” stated Saim Hollis, co-founder and CEO of Nexus Alpha USA. “Uniquely, Previsico’s system gives 48-hour forecasts each three hours at particular location ranges. As quickly because the system identifies a location is vulnerable to floor water flooding, warnings are despatched out. This provides insurers the power to alert prospects of speedy dangers to their properties, to allow them to transfer valuables to increased floor or arrange momentary flood defenses in case of an imminent flood – a win-win for insurers and their prospects.”
Previsico was launched in 2019 and helps brokers, insurers Liberty and Zurich, and their shoppers with reside, actionable flood warnings. Working with Lloyd’s, underwriters agreed that Prevsico’s warnings can mitigate 70% or extra of economic loss for companies with a flood plan and resilience measures.
