Dr Avi Baruch, Previsico & Allison Whittington, Zurich Municipal & Mark Murphy, Donaldson Timber: Managing your flood risk - stories from the frontline (295)
Mar 24, 2024
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Dr Avi Baruch, Allison Whittington, and Mark Murphy discuss flood risk management with Previsico, highlighting the importance of early warning systems, collaboration with clients like Zurich Municipal and Donaldson Timber, insurance's role in resilience building, and operational challenges in mitigating flood risks. They explore sustainability, ESG commitments, and proactive strategies for managing floods effectively.
Previsico provides real-time flood forecasts to reduce global flooding impact.
Zurich Municipal tailors insurance and risk support for social housing providers.
The collaboration between insurers, risk managers, and technology providers is crucial for effective flood risk management.
Early warning systems and flood risk plans are essential in proactive risk management.
Aligning sustainability with resilient building methods is crucial to mitigate flood risks.
Effective risk management involves collaboration among stakeholders for proactive response.
Deep dives
Origin and Mission of Prewvisico: Minimizing the Impact of Flooding Globally
Prewvisico was co-founded by Avi and his PhD supervisor at Loughborough University with a mission to provide flood forecasting solutions. The technology developed was piloted by the Cabinet office to capture surface water and give early warning alerts to be proactive in flood preparation.
Partnership with Zurich: Focus on Loss Prevention and Resilience
Zurich collaborates with Prewvisico on flood resilience, addressing flood prevention and understanding flood risk profiles. Together, they provide proactive measures and early warning systems to reduce the impact of flood losses for organizations. Zurich's emphasis is on supporting customers through risk mitigation and understanding their exposure better.
Zurich Municipal's Role and Support for Housing Sector
Zurich Municipal's head of housing, Alison, emphasizes their role in supporting social housing providers and managing risk. They tailor insurance and risk support for education establishments, local authorities, and housing associations. The focus is on offering proactive risk management services to reduce flood impacts.
Risk Mitigation Strategies and Early Warning Systems: A Collaborative Approach
Prewvisico's flood forecasting technology provides up to 48 hours of notice for floods, allowing organizations to take proactive measures. They collaborate with clients to install sensors for flood alerts and offer proactive flood risk plans. The goal is to reduce flood impact by providing targeted, specific proactive approaches to flood situations.
Engagement with Risk Managers: Understanding and Communicating Risk Management Efforts
Mark Murphy exemplifies proactive risk management by implementing early warning systems and flood risk plans across construction sites. As a risk manager, he emphasizes the practical deployment of technology for risk mitigation. The collaboration between risk managers, insurers, and technology providers is crucial for effective flood risk management.
Innovative Solutions and Partnerships: Leveraging Technology for Risk Reduction
Prewvisico offers flood forecasting platforms and sensors to predict and mitigate flood risks. Mark's proactive approach involves using real-time flood data to protect assets and reduce flood impacts. The partnership between insurers, risk managers, and technology providers leads to effective risk reduction strategies.
Communication and Storytelling in Risk Management: Elevating Success Stories
Effective communication of risk management efforts is essential for insurers to understand clients' risk reduction initiatives. Mark excels in telling the story of proactive risk management, highlighting the importance of translating operational efforts into underwriting insights. Sharing success stories and best practices across the industry can enhance risk management and insurance decision-making.
Future Challenges and Sustainability: Adapting to Climate Change and Building Resilience
The discussion shifts towards future challenges, including severe weather events due to climate change and the need for sustainable building practices. Aligning sustainability with resilient building methods becomes essential to mitigate flood risks. Zurich's commitment to sustainability reflects a broader industry focus on addressing climate-related risks.
Practical Implementation of Risk Mitigation: Technology for Early Alert and Property Protection
Mark Murphy's practical approach involves installing flood sensors and developing flood risk plans for construction sites. By utilizing technology for real-time flood alerts and proactive response, assets can be protected effectively. The focus is on reducing impact and ensuring business continuity.
Collaboration and Communication: Engaging Stakeholders for Effective Risk Management
Effective risk management involves collaboration among stakeholders to deploy technology for risk mitigation and proactive response. Engaging both insurers and frontline personnel in risk management efforts ensures a comprehensive approach to reducing flood impacts. The integration of technology and operational insights is crucial for effective risk management.
Innovative Solutions for Risk Reduction: Leveraging Early Warning Systems and Partnerships
Prewvisico's flood forecasting solutions offer advanced notice of flood events, enabling proactive risk management strategies. Collaborating with risk managers like Mark enhances the deployment of technology for risk mitigation. The partnership between insurers, risk managers, and technology providers drives effective risk reduction initiatives.
This week on the podcast we have taken a slightly different approach and brought Previsico’s clients, Zurich Muncipal and Donaldson Timber, to discuss how Previsico has helped them with flood risk management.
Previsico provides real-time flood forecasts, as part of its mission to reduce global flooding impact, by developing technologies that offer early warning systems for surface water flooding. Discover the importance of collaboration by hearing from Dr Avi Baruch and his work with Allison Whittington at Zurich Municipal and Mark Murphy at Donaldson Timber.
Key talking points:
The start of Previsico: a PhD research project
Client Insights: Zurich Municipal's approach to flood resilience
Exploring the impact of floods and the importance of early warning systems
The role of insurance in flood risk management and resilience building
Operational challenges and solutions in flood risk management
Exploring the complexities of Sustainability and ESG Commitments
The role of insurance in supporting sustainability
This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
Describe why developing warning systems for surface water flooding is important in the insurance industry
Define why collaboration is important across the insurance industry
Summarise how partnerships with insurers can help with the operational advantages of adopting new technologies
If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 295 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.
To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.
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