Concept: UK-based insurance service provider, Liberty Mutual Insurance Group’s Liberty Specialty Markets (LSM), and flood forecasting technology provider, Previsico has joined together to provide clients with real-time flood warnings. To trigger flood warnings, it uses Internet of Things (IoT) sensors placed in watercourses near their premises and surface water.
Nature of Disruption: LSM uses Previsico’s IoT sensors to give personalized water level warnings and graphical representations, allowing them to take action to safeguard their properties from flooding. These sensors are installed near the specified risks in flood-prone rivers, culverts, and streams so that clients are aware of the danger of floods. They can even be used to detect floods in drains and culverts, allowing them to clear blockages. It also encourages the data to be fed into the firm’s flood projections to increase the system’s accuracy. If flooding occurs, LSM’s claims team can use this information to help with the claims procedure.
Outlook: Floods are the most common natural disaster across the globe. Immediate impacts of flooding include loss of human life, damage to property, destruction of crops, loss of livestock, non-functioning of infrastructure facilities. We can underwrite the risks at a reasonable rate by integrating Previsico’s sensors and flood warnings. As a result, LSM implanted sensors in ordinary watercourses near the insureds’ homes to receive a tailored alert that would allow the insured to prevent or prepare for a flood, potentially lowering the amount of damage and insurance loss.