UK insurer Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has launched personalised flood warnings for commercial clients in collaboration with InsurTech Previsico.
The flood warnings are triggered by Internet of Things (IoT) sensors placed in watercourses close to their premises and surface water flood warnings. LSM said it is the first UK insurer to provide such a product.
The initiative will see flood-affected commercial clients receive personalised warnings and graphical representations of water levels in their immediate area, allowing them to take action to protect their premises from flood water.
The IoT sensors, provided by Previsico, a former Lloyd’s Lab InsurTech, are installed in flood-prone rivers, streams and culverts close to selected risks so that LSM’s clients can be notified if water levels in their proximity rise to the point that flooding is a possibility. The sensors also detect when drains and culverts are flooding, so property owners can clear any blockages, if needed, to prevent further flooding.
Carol Baker, LSM’s head of customer proposition, said, “We are seeing increasing flood exposures. By integrating Previsico’s sensors and flood warnings, we can underwrite the risks at a sustainable rate knowing that we have real-time warnings in place and clients know how to respond should they receive an alert.
“Flooding is a major issue for our clients and the insurance industry. This initiative based on the use of sensors connected to Previsico’s flood forecasts is a practical response – one that gives underwriters the confidence they need to provide cover to clients with the added reassurance of tailored alerts and risk engineering support.”
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