Liberty Specialty Markets teams up with Previsico

Liberty Specialty Markets claims to be the first UK insurer to provide real-time flood warnings to clients triggered by Internet of Things (IoT) sensors placed in watercourses close to their premises and surface water flood warnings.

The initiative will see flood-affected commercial clients receive warnings and graphical representations of water levels in their immediate area, allowing them to take action to protect their premises from floodwater.

The sensors are provided by Previsico that develop flood warning capabilities to predict flooding. The sensors are a new addition to Previsico’s solution, which not only provides on-the-ground real-time warnings but also feeds data into the firm’s flood forecasts to continually improve the accuracy of the system.

The use of sensors means that LSM’s underwriters are able to consider risks where a client has previously had some exposure to flood. Data from the sensors can also be used by LSM’s claims team to aid the process of a claim in the event that flooding does occur.

LSM’s underwriting and risk engineering teams will identify clients in its Property and Construction books who would benefit from the use of the sensors. The sensors will then be installed in local watercourses, each calibrated to the client’s specific flood risk. If a sensor is triggered by rising water levels, a notification is sent via LSM’s Risk Reduce customer portal. If the risk of flooding is severe, an SMS message is sent directly to the client.

In addition to those clients monitored by sensors, Previsico’s flood forecasts will provide advance warnings to Commercial Property and Construction clients in up to 10,000 locations through LSM’s Risk Reduce customer portal. The system provides each client with a real-time view of flood forecasting across their property estates, highlighting where they might be impacted during the next 48 hours.