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Previsico launches new R&D hub in Hong Kong

Backed by a grant from Hong Kong Science Park (HKSTP), Previsico has set up an R&D hub to continue improving on our cutting-edge flood forecasting technology

The HKSTP grant, designed to attract high tech business with a strong R&D background, provides US$150k over three years. This enabled Previsico to open its Hong Kong office, with the aim of employing five people by the end of the year. The office will be led by Dr. Mingfu Guan, Assistant Professor at The University of Hong Kong.

Dr Mingfu Guan is an Assistant Professor in Water and Environmental Engineering at The University of Hong Kong

Previsico’s focus will initially be on R&D for the region, along with growing their commercial capabilities to target China and Japan, which both experience serious flood challenges and losses, US$29bil recent events and US$20bil 2019 respectively. The first trials of Previsico’s technology will commence in Japan with a local insurance partner soon. Others countries will follow.

As a Loughborough University spin-off backed by twenty years of academic research, Previsico has been on a fast-track since the start, also recently launching in the US, to support insurers, brokers, and customers with ‘live actionable flood warnings’, including for surface water flooding.

Uniquely, Previsico already offers insurers the ability to alert customers of immediate risks to their properties, so they can move valuables to higher ground and set up temporary flood defences in the case of an imminent flood – a win-win for insurers and their customers.

Utilising the latest geospatial technology for weather predictions, Previsico, in partnership with IBM, fills a big gap in the flood forecasting market with its 3rd generation solution. It is set to make a big impact on the insurance sector, including in the UK and US where Previsico’s surface water flood modelling will be a major differentiator in the market.

On the news, Jonathan Jackson, Previsico’s CEO said: “We really appreciate HKSTP’s trust in us and the strength of our research-led approach. This move demonstrates Previsico’s determination to continuously improve and extend our unique flooding forecasting service, so that we are able to save more people and organisations in Asia and worldwide from the devastating impact of flooding.”

Jonathan recently discussed the need for improved forecast in Asia for Insurance Day This article can be viewed below: