Previsico provides hyperlocal, real-time flood predictions, tailored to the needs of a range of global customers. Previsico’s vision is to save millions of people’s lives and livelihoods whilst significantly reducing the cost of flooding for commercial, government and humanitarian organisations globally. Its sophisticated software model has been developed through 18 years of research by Dr Yu and Loughborough University.
Previsico has developed a real-time flood forecasting software model, FloodMap. It also has FloodMap Live service, which uses the model to forecast flooding. Since 2014, the team has worked with the UK’s Cabinet Office and began a pilot of FloodMap Live across four UK cities in December 2018. The service has now been extended to cover the UK and in 2020 the service will be available across the USA.
The primary objectives for the next 3 years are to reduce forecast processing time from 3 hours to 1 hour, improve the model’s accuracy to 90% and enhance the service with river and coastal flood, hail, snow melt and wind data.
Previsico’s primary market is insurance. Its Flood Map Live service provides real time actionable flood warnings at an individual property/asset level, so valuables can be moved to safety and insurers can mobilise their resources more effectively. In 2017 Hurricane Harvey caused insurance losses of $33bn in Texas, primarily due to surface water flooding, and it is estimated that, using Previsico, insurers would have saved over $5bn.
Aviva, subject to contract, will be Previsico’s first UK insurance client with pilots for both their UK residential and commercial property markets. Furthermore, there is a sales pipeline with over 100 opportunities, including 12 potential pilots with insurers such as Zurich, Allianz, Willis Towers Watson and Aon.
Secondary markets are government, asset managers and humanitarian projects. The company’s first orders were from BP and GSafety, a Shanghai listed international risk management business, for Macau. Recently, the Cabinet Office confirmed they intend to roll out the service across England and Wales in 2020 and want Previsico to fund service development by selling premium services into the UK public sector and utilities.
Previsico licenses FloodMap, its flood modelling software and FloodMap Live service. The business model is based on B2B software-as-a-service subscription. The business becomes cash generative and profitable in 2021, on a cash basis.
CEO: Jonathan Jackson. Successful SME builder. Experienced in SaaS, IoT and AI across various industry sectors including telecoms, consumer goods manufacturing, agriculture, hospitality and finance.
COO: Dr Avi Baruch. Co-founder with wide ranging experience in flood modelling, commercialisation and product development.
CSO: Prof. Dapeng Yu. Professor in geography at Loughborough University and has been responsible for generating the IP behind FloodMap. Over 17 years’ experience in flood modelling, flood risk management, and geographical information science.
Head of Technical Systems: Dr William Johnson. Strong software skills covering architecture, design, programming and web technology, together with agile and waterfall project management experience.