InsurTech Spin-Out Previsico Announce Collaboration With Zurich.
Pilot to Protect Around 5,000 Sites Across the UK.
Previsico – a fast growing insurance technology spinout from MICRA partner Lougborough University – have announced a new partnership with major insurer Zurich.
The recently announced deal is a pilot project which will see Previsico deliver services and expertise that amount to a “tripartite approach” to protecting a major Zurich client’s assets from surface water flooding. The size and scope of this deal is reflected in the fact that according to reports in Insurance Business Magazine, the client has around 5,000 sites in the United Kingdom which require safeguarding from flooding.
Previsico's Solution.
Previsico’s solution provides a visualisation tool in the case of flooding that allows claims teams to more accurately understand where flooding incidents have occurred to reach affected properties and people. This visualization tool improves the customer experience, as well as allowing insurers to display an earlier indication of total losses, reduced fraud, and improved claims efficiency. Previsico’s methods also reduce the potential for false flood alarms which can also impact upon businesses.
The insurtech’s flood forecasting technology provides insurers with the ability to alert customers of imminent flooding, down to an individual property level of 25m. With Previsico’s technology and solutions are already in use with the UK’s Cabinet Office and emergency services.
"Excited" to use "Innovative and Digitally Enabled Approaches Like Previsico's.
News of this tie-up comes amidst a period of significant success, growth and rising prominence for Previsico. This has included securing financial backing from Innovate UK, participating in the Lloyds’ Lab programme, and their recent success alongside IBM in forecasting the impacts of Storm Christoph earlier this year.
Speaking about their work with Zurich Jonathan Jackson, CEO of Previsico, says: “This will help to reduce the impact of surface water flooding, including the huge cost and waste of reliance resources caused by current inaccurate early warning systems for surface water and small watercourse floods.
“We are delighted to collaborate with Zurich and their major corporate customer, one of the biggest household names in the UK, to pilot our unique live flood forecasting solution on a commercial basis.”
Jonathan Newbery, head of digital experience at Zurich, said: “We are excited to work on this pilot with Previsico and our exceptional customer with their sophisticated flood risk management team and processes.
“The insights we gain from this tripartite experience will help us to better understand how we can support our commercial customers on critical issues like flooding, using innovative and digitally enabled approaches like Previsico’s.”
