With major flooding striking every continent last year and causing major economic losses, Previsico's flood forecasting and sensor solutions have come at the right time – and the impact of its technology wins InsuranceERM's risk innovation of the year award.

Previsico have become experts in UK real-time flood forecasting having spun-out as a research initiative from Loughborough University in 2019.

Its solutions enable organisations to mitigate the majority of flood losses by providing actionable insights ahead of events to support loss prevention.

An important area that Previsico has developed is providing insights on surface water flooding, which occurs when rainfall exceeds the capacity of drains, and it accounts for a shocking 56% of total flooding in the UK.

While flood warning systems exist for large river systems and coastal flooding, many people remain at risk of flood from surface water without property level flood warnings.

Previsico fills this flood warning gap by capturing the events that catch-people off-guard using a combination of technologies.

Its live hydrodynamic modelling leverages leading data sources including weather forecasts, satellite imagery and ground sensors.

Previsico's sensor solution complements this forecasting technology by providing a warning service. This involves a connected level sensor that can be installed in a variety of locations to continuously and accurately monitor water depth, providing notifications of any rise in water or potential flood event.

A spokesperson for Previsico tells InsuranceERM its innovation is "driven by a mission to minimise the effect of flooding globally by enabling people and organisations to proactively mitigate its impacts".

The judges also recognised the innovation has been applied in real world situations and has provided tangible benefits.

Looking ahead, Previsico's spokesperson tells InsuranceERM it is keen to expand into other geographies following success in the UK.