Previsico and Geosite in flood prevention partnership

Geospatial data provider, Geosite, is partnering with live flood alert insurtech, Previsico, to provide US carrier clients with live actionable flood alerts.

With Previsico, live actionable insights, including for surface water flooding, are now available through Bedrock, Geosite’s multi-peril, spatial data engine platform.

Up to 48 hours in advance of a storm, properties that are most likely to experience flooding are identified and customers alerted so they can take mitigation measures.

Rachel Olney, CEO of Geosite, said: “We are excited to be partnering with Previsico to combine the power of their predictive flood modelling with our unique Bedrock platform. Our aim is to give carriers using Bedrock more rapid and accurate reserving and post-catastrophe claims handling across a comprehensive range of perils. The partnership with Previsico will deliver powerful insights to help deliver on that promise.”

Jonathan Jackson, CEO of Previsico, added: “As the US insurance industry addresses the ever-increasing threat from flooding due to climate change and urbanisation, as seen earlier this year in Las Vegas, this partnership delivers a truly unique solution. Together, Previsico and Geosite offer a one-stop-shop for insurers to accurately assess properties that are at imminent risk of flood and deliver effective flood resilience measures.”

The data Geosite sources and surfaces for insurance carriers comes from multiple sources (satellites, drones, aircraft, IoT devices and advanced analytics) and can be used to analyse multiple perils such as flooding, wildfires and earthquakes, and combined with exposure data from geospatial AI and property information partners.

Previsico’s real-time flood forecasts, updated every three hours with projected flood depths, are already used by Zurich, Liberty, and Generali.

Image courtesy Zurich

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