A university spin-out which develops flood prediction technology for clients around the world is rolling out more of its products.
Previsico was set up in 2019 and launched its flood alert system in July 2021, twice enabling flood wardens in Whalley, Lancashire – which was devastated by flooding in 2015 and 2020 – to take action during heavy rainfall.
From its base on the Loughborough University Science and Enterprise Park in central England the business has recently struck a deal with UK insurer Liberty Specialty Markets to provide it with real-time flood warnings for its clients. The deal involved Previsico’s “IoT” – Internet of Things – based flood alert system with sensors placed in watercourses close to insured properties.
The live flood forecasting brings together the latest weather data from the Met Office, actual devices on the ground and Previsico’s advanced flood modelling software to keep insurers, the public sector, and major corporate clients aware of imminent flood risks. Increased flooding is seen as one of the consequences of global warming.
Previsico hopes to have 3,000 monitors installed for clients across the UK by the end of 2023 and is in talks with several insurance and risk management partners to accelerate this process. The business already works with brokers and insurers including Zurich and Generali and their clients.
Working with Lloyd’s Lab, Previsico said underwriters had confirmed that its warnings could mitigate 70 per cent or more of commercial loss for businesses with a flood plan and resilience measures.
The same research that underpins Previsico is integrated into the UK Cabinet Office’s ResilienceDirect – a round-the-clock digital network covering the UK and its overseas territories which allows organisations to prepare for, respond to and recover from major emergencies.
Previsico IoT systems manager and former Loughborough researcher Dr Andrew Pledger said: “We are delighted to have seen the efficacy of our first IoT solution in Whalley, particularly following previous major flood issues in the town.
“Now, and by working in partnership with insurers and end-clients, we can save more people, properties, and businesses from the devastating impacts of flooding – particularly the effects of surface water.
“Our solution gives insurers the ability to alert customers of immediate risks to their assets, so they can move valuables, including cars, to higher ground or set up temporary flood defences around their properties in the case of an imminent flood – a win-win for insurers and their customers.”
Professor Dan Parsons, Loughborough University Pro Vice-Chancellor for Research and Innovation, said: “It can take years for individuals, businesses and communities to recover from being flooded.
“Previsico’s IoT sensing solutions will help us become more resilient to the impacts of floods - the risks of which is set to at least double by 2050 due to climate change.
“This innovative technology has significant global potential.”
