Descartes Underwriting, a leading parametric insurance MGA, has announced a groundbreaking partnership with UK insurtech firm Previsico. This collaboration will deliver a cutting-edge parametric flood insurance product designed specifically for UK businesses.
Traditional flood insurance often comes with lengthy claims processes and delayed payouts, leaving businesses struggling to recover after a flood event. This new partnership aims to address these challenges by leveraging Previsico's advanced flood forecasting technology.
Previsico uses a network of sensors and real-time data to provide highly accurate flood warnings and forecasts, including predictions of water depths, through its Flood Intel Platform. This information is directly integrated into Descartes' parametric insurance policies, enabling "lightning-fast claims payments" when flood thresholds are met.
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Key benefits of the partnership:
- Rapid payouts - claims are triggered automatically based on sensor data and forecasts, eliminating the need for lengthy assessments and significantly reducing payout times.
- Increased accuracy - Previsico's technology provides precise flood predictions, ensuring that businesses receive the right amount of coverage when they need it most.
- Enhanced resilience - by providing faster access to funds, the parametric insurance product allows businesses to recover quickly and minimise disruption following a flood.
The partnership between Descartes Underwriting and Previsico marks a significant step forward in the development of parametric insurance solutions. By harnessing the power of technology and data, this collaboration is set to transform flood insurance in the UK and provide businesses with greater peace of mind.
[Image credit: M Barratt / shutterstock.com]