Previsico, a real-time flood forecasting technology company, has partnered with parametric MGA and insurer Descartes Underwriting to launch a flood insurance product for UK commercial businesses. This product uses triggers based on sensor data, warnings, and water depth forecasts to provide fast payouts during flood events.

Previsico’s advanced technology suite, including IoT flood sensors and its Flood Intel Platform, delivers forecasts of surface water and watercourse flooding up to 48 hours in advance while monitoring local conditions like water levels. This enables rapid claims processing, with “lightning-fast claims payments” being activated when Previsico’s sensors detect flood risks under Descartes' policies.

The partnership allows Descartes to underwrite policies with capacities of up to $70 million per policy. These policies offer broad coverage for both tangible and intangible losses, with claims settled within days of a flood event.

The companies highlighted the potential for future advancements, where parametric triggers based on forecast data could enable payouts even before a flood occurs. Such triggers have been used previously for specific risks, like El Niño or droughts, but this partnership expands their application to flood insurance.

Steven Hayward, IoT Systems Manager at Previsico, emphasized the importance of this partnership, noting that a third of UK commercial properties are at flood risk and that many small and medium-sized businesses fail to recover after significant flood losses. He called the collaboration with Descartes a "game-changer," providing businesses with advanced flood warnings and faster access to insurance payouts.

Describing the partnership’s impact, Alessandro Girelli, Underwriting Director at Descartes, highlighted the simplicity, transparency, and speed of managing corporate flood risk using real-time data from Previsico’s sensors and public river gauges. This data supports tailored payout structures based on flood severity, helping businesses mitigate flood risks proactively.

Vania Hernandez Bello, Innovation Project Manager at Descartes, praised Previsico’s expertise and advanced sensor technology for enhancing the accuracy of flood level detection, making the insurance product more effective.

Tanguy Touffut, CEO of Descartes Underwriting, will discuss this partnership and the broader parametric insurance opportunity at the upcoming ILS NYC 2025 conference in New York.

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