Previsico, which offers live flood forecasting for insurance, has joined Lloyds Banking Group’s Launch Innovation Lab, to collaborate on a new service for the bank’s home insurance customers.
The InsurTech’s flood forecasting tools would give Lloyd’s the ability to alert customers of imminent flooding, specific enough for an individual property level. This would give residents the ability to move valuables to higher ground and build defences ahead of the flood.
The tool would also provide the bank with a visualisation tool in the case of flooding, which would give the claims teams a better understanding of the affected properties.
Lloyds innovation product owner David McLeay said, “The market is ripe for disruption. We have an environment where customers’ needs are changing and in parallel, there are a lot of significant new technologies opening up opportunities.”
The lab, which will run for 12 weeks, is aimed at partnering with InsurTechs to collaborate on ready-to-go, customer centric, data-driven insurance solutions that can be implemented within the bank.
Previsico business development manager Lucy Coutts said, “We are delighted to join the ‘Launch Innovation Lab’. It will give us invaluable experience, with unprecedented access to business leaders, designers, industry experts, and mentors, as we shape our solution to fit Lloyds’ specific needs.”
The InsurTech leverages data so insurers can have an accessibility map in the case of flooding. Teams can use this to more accurately see what has happened, and identify affected properties and help vulnerable people.
Earlier in the year, the InsurTech supplied its tools to Loughborough University for the new ResilienceDirect mapping platform. This tool is used by the Cabinet Office and Airbox Systems in the UK.
Previsico is planning to raise a Series A in 2021.
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