UK insurtech launches flood alert service in US

“Our move into the US market demonstrates our determination to continuously improve and extend our unique flood forecasting service,” said Jonathan Jackson, CEO of Previsco. “Working in partnership with the US insurance market, we will be able to save people, properties, and businesses from the devastating impacts of flooding by mitigating its impact, particularly in the effects of surface water.”

Half of all US economic losses from flooding are the result of pluvial flooding, which occurs when extreme rainfall creates a flood independent of an overflowing body of water. However, current flash flood warnings lack actionable data, as they cover large areas – which generates false alarms and a resultant lack of action, Previsco said.

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“At Nexus Alpha, we work with many innovative businesses,” said Saim Hollis, co-founder and CEO of Nexus Alpha USA. “Uniquely, Previsco’s system offers 48-hour forecasts every three hours at specific location levels. As soon as the system identifies a location is at risk of surface water flooding, warnings are sent out. This gives insurers the ability to alert customers of immediate risks to their properties, so they can move valuables to higher ground or set up temporary flood defenses in case of an imminent flood – a win-win for insurers and their customers.”

Previsco was launched in 2019 and supports brokers, insurers Liberty and Zurich, and their clients with live, actionable flood warnings. Working with Lloyd’s, underwriters agreed that Prevsico’s warnings can mitigate 70% or more of commercial loss for businesses with a flood plan and resilience measures.