Partnering with Liberty Specialty Markets to help Burger King monitor flood risk
As their insurer, Liberty Specialty Markets worked closely with Burger King to help understand and mitigate their flood risk, funding the use of Previsico via Liberty’s digital product called Risk Reduce.
Burger King is a highly recognized global company. The business puts innovation at the heart of everything they do, this is evident by the way they proactively manage stormwater risks.
For many businesses, stormwater management is becoming more and more of a challenge due to an increase in urbanization and extreme weather events. Burger King has successfully built a proactive strategy to manage flood risk in a way that brings all stakeholders together across the portfolio.
The solution
Their insurer, Liberty Specialty Markets worked closely with Burger King to fund the use of Previsico’s solution, made available through Liberty's Risk Reduce service. This encompasses Previsico’s flood forecasting and sensors to proactively observe and manage drainage capacity, above and below ground.
Working with Previsico has enabled us to identify our higher risk locations and act to reduce flood risk. The sensors provide us with useful data and will allow us to take timely mitigating action if a flood alert occurs.
What did Previsico bring to Burger King UK?
The data provided by the Previsico Flood Intel Platform has given Burger King a new and heightened awareness of flood risk and stormwater across the business. This was achieved in three key stages:
- A risk assessment was conducted by Previsico on their portfolio to identify locations that may be at higher risk of stormwater flooding.
- Collaboratively, a handful of priority locations were chosen, site surveys were conducted and subsequently sensors were deployed.
- Training was conducted to raise awareness across the portfolio and clear processes were put in place to support staff on site.
In addition, these areas receive Previsico’s early flood warnings up to 48 hours in advance to ensure they have timely information to prepare and act in order to prevent or reduce flood impacts. The sensor data can be viewed via an online portal which provides their staff access to water levels and blockage detection in real-time. There are many stakeholders involved and benefitting from this initiative including: private equity/shareholders, management, restaurant staff, customers, banks, landlords, insurers, suppliers and the wider community.
Results achieved
- Revenue & asset protection: Protects infrastructure, stock, and equipment from water-related damage and provides balance sheet protection.
- Employee & customer welfare: Minimizes the chance of flood-related accidents and disruption for employees and customers.
- Increased resilience: Provides timely information on stormwater flood risk to prepare and take action to mitigate impacts and losses.
- Improved insurer relationship: Working closely with Liberty Specialty Markets to help mitigate their flood risk and improve their access to proactive solutions.
- Improved business continuity: Previsico’s early stormwater flood warnings are linked to Burger King’s business continuity plan, to avoid business interruption.
- Education: Previsico’s data insights and Burger King’s business continuity plan equips managers with the knowledge and tools to prevent impacts from flooding.
The Previsico service gives us early warnings of anticipated problems and the sensors now provide great data to better understand water levels and if a real issue is about to happen allowing us to respond proactively. The data will also be reviewed to identify trends over time and if levels do get worse we can act earlier to prevent loss.
