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Previsico develops new underwriting tool at Lloyd’s Lab to enhance insurers’ flood modelling capabilities

Previsico announces the launch of a new underwriting tool, developed during our time at the Lloyd’s Lab, to enhance insurers’ flood risk models for both residential and commercial property, and fine art risks.

The new underwriter modelling solution was designed with input and analysis from leading re-insurers, who provided mentoring over the course of a ten-week programme at the Lloyd’s Lab, established by Lloyd’s to develop products, platforms and processes to help transform Lloyd’s into a digital data-driven market.

Jonathan Jackson, CEO of Previsico, said: “We are delighted to have worked with the Lloyd’s Lab and some of the world’s leading flood risk insurers to design this game-changing new underwriting tool. Our solution will enable insurers to boost their business by underwriting risks that were previously considered uninsurable, reduce losses by up to 100%, and enhance their client relationships.

“Our new solution is unique in that it gives insurers the ability to alert clients of imminent risks, down to an individual property level (25m), so they can move valuables to higher ground and set up temporary flood defences in the case of a forthcoming flood – a win-win for insurers and their clients.”

Trevor Maynard, Lloyd’s Head of Innovation, said: “This is another great example from the Lloyd’s Lab where risk prevention can work hand in hand with risk transfer through insurance. This will be much needed as Climate Change impacts continue to grow over the coming years.”

Dr Avi Baruch, COO of Previsico, who ‘virtually’ attended the Lloyd’s Lab, said: “It was inspirational to work with some of the world’s leading flood risk insurers at the Lloyd’s Lab. They immediately saw the benefits of our technology, which is now easy to integrate with their existing systems. We are already looking to develop our new tool for other business lines.”

Previsico can also provide insurers with an accessibility map in the case of flooding, so that claims teams can more accurately understand where it has occurred to reach affected properties and protect vulnerable people. This will not only lead to a better service and happier clients, but it will also enable an earlier indication of total losses, reduce fraud, and improve claims efficiency.

More news from the Lab to follow…