• jc7134

Stonehaven Technology and a new Digital Tool for Home Insurance

The floods of 2015 caused direct costs of an estimated £ 2 Billion and created untold misery for numerous businesses, livelihoods and communities. The Government’s National Flood Resilience Review, published in September 2016, acknowledged that further flooding and extreme weather events are likely to occur in the foreseeable future. The Environment Agency identifies that some 5.5 million properties in England and Wales, which equates to broadly one in six properties, are at risk of flooding.

The Committee on Climate Change, an independent, evidence based body, identifies the risk of flooding as the priority for more action to be taken by property owners, in order to achieve higher levels of preparedness. Modelling of rivers and seas risk by Government Agencies has been assessed as providing accurate indicative illustrations of flood risk, whilst the surface water data set provides an excellent level of localised risks. The UK Meteorological Office has estimated in coming years, incidences of torrential rainfall, particularly in summer could increase by up to 40%, which will result in a greater frequency of flash flooding events.

Stonehaven Technology is an enterprise software development company. Following the floods of 2015, the company developed a unique software application for the managing the risk of flooding and extreme weather for companies with a numerous properties. The application is in use with national retailers. The company has now turned its attention to the home insurance sector.

Surface Water Flood Risk taken from Stonehaven’s Application and compared to the location of a flash flood incident in Bristol, 21st November 2016

Stonehaven has produced a free application, (www.floodsonline.co.uk) to enable property owners to identify and understand the risk of rivers and seas and surface water flooding to individual properties. In the space of a few clicks, a property owner can locate their property, register the entire boundary of the property and receive a clear rating for the level of risk from flooding. An individual user is then able to register a further two properties.

Screenshot of Demonstration Floodsonline Application

Additional functionality enables property owners to receive automated flooding alerts, at three escalating levels, sent by e-mail, when specific alerting thresholds are reached. Property owners can also view a number of integrated data sources, such as weather observations and forecasts, rainfall intensity forecasts and river gauge data. The purpose of this functionality is to provide the user with timely and accurate information, which can be accessed at any time, to understand the dynamic risk from extreme weather and in particular, consequent surface water flooding to a property.

Sufficient information is provided to inform property owners of the flood risk specific to their asset and conduct appropriate scenario planning. This information can be used by property owners who choose to obtain flood mitigation equipment for identified scenarios, such as purchasing flood sacks or deployable temporary flood barriers.

Stonehaven are taking this application to the Insurance Market and can offer it appropriately branded and embedded within a Home Insurer’s website. This enables a Home Insurer to provide existing and prospective customers with an important understanding of their property’s headline flood risk and then constantly available validated information to identify both the scope and scale of an emerging crisis situation. The Application provides a direct method for an Insurer to raise their profile with Customers seeking flood related home insurance and to gain a greater share of the market.

A range of additional data sources relevant to the home insurance market are also available and can be integrated and processed within the application. For example, levels of criminal activity in the Postcode Unit, drawn from historical sources and updated monthly, or the number and location of Property Fires.

For more information on Stonehaven Technology’s enterprise applications, including flood and extreme weather management, contact the company at info@stonehaventech.com.