Live flood forecasting InsurTech Previsico today announcesthat it will join the ‘Launch Innovation Lab’, powered by Lloyds Banking Group (Lloyds), to collaborate on a solution to support Lloyds Home Insurance customers, as the frequency and impact of extreme weather increases.
The aim of the ‘Launch Innovation Lab’, which will run over the course of 12 weeks, is for selected InsurTechs to work in partnership with Lloyds to create a next generation of, ready-to-go, customer centric, data-driven insurance solutions that can be implemented by Lloyds.
Lucy Coutts, Business Development Manager at Previsico, 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.”
Already relied upon by the Cabinet Office, Emergency Services and the insurance sector, Previsico’s unique live flood forecasting solution has the potential to provide Lloyds with the capability to alert customers of imminent flooding, down to an individual property level (25m). This would enable people to move valuables to higher ground and set up temporary defenses ahead of a flood - a win-win for Lloyds and their customers.
David McLeay, Innovation Product Owner for Lloyds Banking Group, commented on the scheme, saying the programme needs inspiring, industry-shaking innovators, like Previsico, to drive Lloyds forward in terms of financial technology. He 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.”
Previsico’s solution can also provide Lloyds with a visualisation tool in the case of flooding, so that their claims teams can more accurately understand where it has occurred to reach affected properties and protect vulnerable people. This will not only lead to a better service and happier customers, but it will also enable an earlier indication of total losses, reduce fraud, and improve claims efficiency.