Previsico accelerates UK IoT rollout following flood mitigation success

InsurTech Previsico today announces that it is fast-tracking the roll-out of IoT solutions across the UK, including as standalone service for clients seeking to manage and mitigate flood losses. This follows success across the UK, including in Whalley, which was devasted by flooding in both 2015 and 2020. Previsico launched their first IoT-based flood alert system, after successful UK trials, in July 2021. Since then, it has twice enabled flood wardens in Whalley to respond to clear a blocked culvert trash screen on Wiswell Brook – avoiding flooding in the town – most recently on Friday 7 October 2022.

Liberty Specialty Markets, was the first UK insurer to provide both real-time flood warnings to clients triggered by Previsico’s IoT sensors, which were placed in watercourses close to their premises, enabling them to take pro-active action to protect their assets from flooding.

Dr Andrew Pledger, IoT Systems Manager, Previsico, said: “We are delighted to have seen the efficacy of our first IoT solution in Whalley, particularly following previous major flood issues in the town. Now, and by working in partnership with insurers and end-clients, we can save more people, properties, and businesses from the devastating impacts of flooding – particularly the effects of surface water.”

“Our solution gives insurers the ability to alert customers of immediate risks to their assets, so they can move valuables – including cars – to higher ground or set up temporary flood defences around their properties in the case of an imminent flood – a win-win for insurers and their customers.”

Previously, the IoT solution was only available as part of Previsico’s full solution that combines their world-leading flood modelling capabilities and IoT technologies to address the increasing global issue of surface water flooding. Previsico is now aiming to have 3,000 IoT devices installed for clients across the UK by Q4 2023, and are in talks with several insurance and risk management partners to accelerate this process.

Previsico has been on a fast-track since launch in 2019, following 20 years of academic research, and it is now supporting brokers, insurers Liberty, Zurich, Generali, and their clients, with ‘live actionable flood warnings’ for surface water flooding. Working with Lloyd’s Lab, underwriters agreed Previsico’s warnings can mitigate 70% or more of commercial loss for businesses with a flood plan and resilience measures.

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.