Generali Global Corporate & Commercial (GC&C) has partnered with flood alert InsurTech Previsico to enhance clients’ flood emergency response readiness.
Surface water flooding threatens one in five properties in the UK, more than any other kind of flood risk. According to the UN Intergovernmental Panel on Climate Change, surface water flooding makes up 60% of UK flood risk.
GC&C outlined that currently in the UK, Environment Agency (EA) early warning systems are already in place for river and coastal flooding, but not for surface water flooding.
Previsico’s solutions, developed over two decades of academic research, and in partnership with the Cabinet Office and emergency services, provides live, actionable surface water flood warnings using live hydrodynamic modelling.
The modelling draws on several data sources, such as satellite imagery, weather data from the Met Office and IBM, LiDAR elevation data, IoT sensors, and more.
GC&C said the partnership will see its clients benefit from a flood dashboard, which displays the predicted time and depth of flooding up to 48 hours in advance, email notifications, with warnings that are triggered when properties are at risk, an API feed, with an automated delivery of real-time forecast data allowing integration with existing systems and a water depth sensor, which enhances monitoring in at risk locations.
Alan Moore, general manager Generali UK Branch and UK country head global corporate & commercial, said, “This partnership will be truly beneficial to our clients and our business. We work hard to understand our clients’ most troubling concerns and protect their interests. Risk Engineering & Loss Prevention, together with Underwriting and Claims, are now becoming more data and technology based.
“With Previsico, GC&C strengthens its ability to meet the evolving clients’ insurance needs, by helping them to further prevent and mitigate their risk exposures and enhance cost-effectiveness of their insurance coverage”.
Last month, Previsico, partnered with GWTInsight, a commercial building data services company, to help insurers work closely with their property owner clients to mitigate the risk of surface water flood damage.
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