Partnership allow US insurers to predict flood loss ahead of catastrophe
As early as 48 hours ahead of a coming storm, Previsico will identify which properties are most likely to experience flooding using Bedrock, Geosite’s spatial data engine, and warn customers accordingly. Previsico’s real-time flood forecasts are updated every three hours with projected flood depths, while Geosite constantly sources data from multiple satellites, aircraft, advanced analytics – as well as geospatial AI and property information partners – to feed carriers with detailed analyses for perils like flooding, wildfires, and earthquakes.
The Geosite-Previsico partnership is described as revolutionary for the insurance industry, which has historically relied on the aftermath of a flood or on long-term flood projections to assess the damage of a flooding event.
“As the US insurance industry addresses the ever-increasing threat from flooding due to climate change and urbanization – as seen earlier this year in Las Vegas – this partnership delivers a truly unique solution,” said Previsico CEO Jonathan Jackson. “Together, Previsico and Geosite offer a one-stop-shop for insurers to accurately assess properties that are at imminent risk of flood and deliver effective flood resilience measures.”
Geosite’s spatial data engine has long been gaining momentum in the insurance market. It has received significant amounts of investment from the venture arms of QBE and MS&AD Insurance – which both use Geosite’s software services. Previsico’s live flood-alert insurtech is also being used by industry giants such as Zurich, Liberty, and Generali.
Previsico’s real-time data, together with Geosite’s platform, will improve processes throughout the insurance value chain well before first notice of loss, including underwriting, claims processing, and customer support. Customers can integrate Geosite’s geospatial data via an API to make day-to-day management processes more efficient. This is especially relevant for events the scale of Hurricane Ian, for which the Previsico-Geosite partnership successfully deployed a joint capability.
