An example of a successful academic spin-off is how one judge described Previsico, which has won the climate risk management solution of the year.

Born out of Loughborough University, Previsico is a surface flood forecasting specialist service that can provide flood warnings up to 48 hours in advance.

Surface flooding is the type of flooding that occurs when drainage systems are overwhelmed by intense rain in urban areas. Previsico says surface flooding poses a wider flood risk than coastal or river flooding, impacting thousands of residential and commercial properties.

To deal with this challenge, Previsico says it can provide real-time surface flood forecasts using hydrodynamic modelling that draws on multiple data sources, such as satellite imagery, ground sensors, elevation data, drainage and geology.

This helps overcome the lack of defences often in place against surface water flooding, explains Previsico.

Currently, Previsico's solution is used by a number of insurers, including Liberty Specialty Markets, Zurich and Generali.

"The benefit to clients, whether that be insurers, businesses, homeowners, communities or governments is huge", says a spokesperson for Previsico.

With the impacts of climate change becoming more apparent, the Previsico spokesperson says its services will become increasingly important as "flood events are set to become more frequent over the next few decades".

Previsico was also favoured by the judges due to its creative approach in managing risks.