Liberty Mutual Insurance Group’s Liberty Specialty Markets (LSM) has formed a partnership with Previsico to offer flood warnings to clients.
LSM will leverage Previsico’s IoT sensors to offer personalised warnings and graphical representations of water levels to commercial clients.
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The sensors are installed in flood-prone rivers, streams and culverts close to the client’s property, allowing LSM to notify clients about potential flooding.
The IoT devices can also detect flooding in drains and culverts, which can be cleared by property owners to prevent any flooding.
Previsico is a former Lloyd’s Lab insurtech, which has developed flood warning capabilities and the IoT sensors are the latest addition to its portfolio.
The data provided by these devices not only warns clients of potential flooding events but also enhances the firm’s flood forecasts systems’ accuracy.
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By GlobalDataPrevisico’s sensors are powered by a battery and communicate wirelessly. When triggered, the sensor sends a notification via LSM’s Risk Reduce customer portal.
In case of severe flooding risk, the system sends an SMS directly to clients.
LSM customer proposition head Carol Baker said: “We are seeing increasing flood exposures. By integrating Previsico’s sensors and flood warnings, we can underwrite the risks at a sustainable rate knowing that we have real-time warnings in place and clients know how to respond should they receive an alert.”
Previsico CEO Jonathan Jackson said: “We have successfully trialled the sensors in a range of UK locations and were impressed with the results, including Whalley, Lancashire, where a flood was averted after risk mitigation measures were taken.
“Because we install the sensors in ordinary watercourses close to the insureds’ premises, we get a very precise and relevant picture of what’s happened locally. It generates a personalised alert that will give the insured time to prevent or prepare for a flood, thus reducing the amount of damage and insurance loss that could be incurred.”
The customers will also benefit from Previsico’s flood forecasts, which will provide warnings to clients in up to 10,000 locations through LSM’s portal.
