Insurtech

Zurich partners with flood forecasting group

The collaboration will offer a ‘market-first tripartite pilot’ across 5,000 UK locations

Previsico, a flood forecasting group, has announced a partnership with Zurich to increase a major corporate customer’s resilience against flood risks.

Working alongside the global insurance firm and its major corporate consumer, the collaboration will offer a “market-first tripartite pilot” across 5,000 locations throughout the UK.

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The partnership will focus on reducing false alarms regarding surface water flooding, which is reportedly the largest flood risk in the UK.

Jonathan Jackson, CEO at Previsico, said: “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. 

“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.”

The group’s flood forecasting technology is already used by the Cabinet Office and Emergency Services, enabling them to reduce losses and the impact this has on customer experience, underwriting, claims, loss accumulation, and sustainability.

Through its visualisation tool, Previsico allows insurers to provide an earlier indication of total losses, reduced fraud, and improved claims efficiency.

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.” 

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