Previsico 2023: a year of innovation, support, and recognition
Globally, flooding continues to be a growing concern. In the UK alone, flood losses are expected to increase tenfold to $1 trillion by 2050, according to the WRI, making it increasingly difficult for insurers to provide affordable cover to some customers. Insurers in the US and Asia face similar challenges.
Against this backdrop, 2023 has been an exciting one for Previsico, our clients, and partners, as we continue to invest and stretch the boundaries of what is considered possible with flood risk mitigation, worldwide.
We do this by using our proprietary technology, which leverages hyperlocal real-time forecasts, live hydrodynamic modelling, and sensor solutions to forecast, monitor, and help prevent flood impacts.
Sensors pave the way
Our sensor solutions have become a cornerstone across diverse industries, including construction, utilities, retail, and more. Notably, Previsico’s success stories during storms Babet and Ciaran showcased the company’s use of them to forewarn customers, thereby minimising the impact of floods. This proactive approach has positioned us as a reliable and valuable partner in risk mitigation.
Crossing the Atlantic
In a strategic move, Previsico expanded its global footprint by launching in the US. This not only signifies our commitment to serving a broader client-base, but also underscores our ambition to be a key player in the US flood resilience space.
Business growth and clientele expansion
Previsico experienced robust growth in various sectors, including water, construction, retail, utilities, and national infrastructure. We successfully expanded our partnerships with established insurance companies like Zurich Municipalities, Generali, and Liberty. The deployment of sensors by many customers attests to the practical impact and growing adoption of our unique offering.
In 2023, Previsico made significant strides in product development, with a particular focus on enhancing our Flood Warning Service. Improvements empowered clients with more comprehensive and actionable insights, reinforcing Previsico’s commitment to staying at the forefront of technological innovation in flood risk management.
Strengthening the team
Previsico welcomed new leaders to its team, including a Head of Sales scheduled to join in March 2024 and a new CFO, Craig Deacon. The Sales and Marketing team also grew, contributing to an overall 77% increase in employee count from December 2022 to December 2023 (from 22 to 39).
Recognition on the global stage
Previsico’s commitment to innovation and excellence was recognised through multiple awards in 2023. The company clinched the Insurance ERM Award for Best Climate Risk Management Solution of the year and secured its position in the Insurtech Top 50 as one of the 50 most promising private insurance tech companies globally. At the National Insurance Awards 2024, Previsico has been shortlisted for the Innovative Product Award and the InsurTech Award.
Looking ahead to 2024
As Previsico strides into 2024, we remain focused on some key areas:
- Deepening relationships with existing clients – by building on existing partnerships and delivering exceptional value to clients.
- Increased adoption of our sensor solutions – by instrumenting key sources of flood risk to generate data-driven insights for diverse industries.
- Continued growth into new sectors – through the exploration of opportunities in retail, infrastructure, and other sectors to broaden Previsico’s impact.
- Further expansion in the US – by strengthening the presence in the US market and catering to the unique needs of US clients.
- Investment in product enhancements – with a sustained commitment to technological advancement by investing in continuous improvements to Previsico’s product offerings.
At Previsico, our journey in 2023 has been one of growth, innovation, and industry recognition. As the company forges ahead, our dedication to mitigating flood risk through cutting-edge technology positions us as a leader in the flood resilience landscape.
The dangers of surface water flooding will only continue to grow in the years ahead. While this will undoubtedly result in new challenges for insurers and their customers, worldwide, it also highlights the invaluable contribution that our team and technology provide.
Working together, we can face the future with confidence. But first let’s start with a happy and prosperous new year!