Previsico partners with Overstone to help protect precious art collections from flood damage
Previsico, the live flood alert InsurTech, today announced its new partnership with Overstone, an InsurTech platform that helps to dynamically manage the risks of art collections of banks and insurance clients. The partnership will provide Overstone with live actionable flood alerts, so the company can warn clients of potential flood risks to their collections.
Overstone currently provides a secure infrastructure for art finance transactions, supporting the world’s leading financial institutions, wealth managers, insurance companies, and auction houses to unlock value from their art collections and those of their clients. The company constantly monitors that value of collections, tracking increases and drops in market value, and flagging to insurers when their clients’ collections may be underinsured.
Traditionally, the value of art collections is reassessed every three years, on average, and this can be a cause of friction for both insurers and their clients. Overstone helps to overcome this issue by updating valuations much more regularly. The partnership will enable Overstone to embed Previsico’s live flood warnings into their platform via an API, allowing them to offer flood alerts as part of their client service.
Jonathan Jackson, CEO of Previsico, said: “We love this partnership, as Overstone’s clients will now have access to Previsico’s live flood alerts in advance of flooding, enabling them to mitigate the risk to their valuable art collections. This partnership is a powerful example of how forward-thinking firms can come together, in this case to preserve some of the world’s most precious works of art.”
Harco van den Oever, CEO of Overstone, added: “This valuable partnership with Previsico will enable Overstone to expand its insurance offering to specialist brokers and their clients. Using Overstone’s service will bring brokers closer to their high-net-worth clients by enabling them to gain a better understanding of clients’ needs and be proactive in helping them to protect their collections from harm.”
Previsico’s next generation live flood forecasting solution brings together the latest weather data from the Met Office, IoT devices on the ground, and its advanced flood modelling capabilities address the increasing global issue of surface water flooding for insurers, the public sector, and major corporate clients and SMEs.
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