Previsico is looking to bring its flood insurance services to the US with the help of a £700,000 loan support from Innovate UK.
The InsurTech is also planning to raised a Series A round in 2021 to help with its growth ambitions.
With the support of the Innovate UK loan, the company will accelerate its product development to improve its accuracy and speed.
Additionally, the capital will help to increase the number of proof of concept trials with insurers, collaboration with the Lloyd’s Bal to deliver value-added services in underwriting, loss mitigation and claims, and continued expansion in the US.
The InsurTech launched its services in the UK in November 2019 to help insurers, brokers and customers access live actionable flood warnings, including surface water flooding.
The technology alerts customers of immediate risks to properties so they can move belongings to higher ground and build temporary flood defences.
Furthermore, Previsico provides insurers with an accessibility map in the case of flooding, so claims teams can better understand where it occurred and the affected properties.
Previsico CEO Jonathan Jackson said: “the increasing catastrophic risk of flooding, including surface water flooding in the US, and worldwide, make this development very timely.
“We have big plans at Previsico, including our Series A round in 2021. This loan will enable us to accelerate our product development and growth, including in the US as a key target market for 2020.”
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