Using Technology to Mitigate Insurance Losses

Posted by Alastair Robb on

On the afternoon of 22nd November 2017, a Flood Warning was issued for the River Conder. Stonehaven Technology’s ‘Floods Online’ Twitter Account tweeted details of the warning and automatically included names of two businesses, the pub, The New Inn and the car dealership RM Fisher, which were located within the area of the flood warning.

Floods Online Tweet by Stonehaven Technology

 

‘Guardian’ our free extreme weather risk management application enables users to understand impact and risk of disruption from weather, through the integration, analysis, alerting and response. The following screenshot shows long term risk of flooding from rivers and seas and surface water for the centre of Galgate, with the location of RM Fisher annotated.

Flood Risk Galgate with RM Fisher annotated

 

Guardian also integrates a number of dynamic information sources including River and Rainfall Gauge readings and geo-specific social media postings. Guardian functionality enables location specific settings. The screenshot below is a visualisation of a River Gauge in the River Conder at Galgate for the period before, during and after the flooding.

Conder River Gauge

 

27 Residents were evacuated from their homes in Galgate and a number of businesses suffered catastrophic flooding. One such business was RM Fisher, the car dealership, which suffered flooding of its premises and stock.

RM Fisher Flooded

 

Stonehaven Technology’s staff analysed Google Earth and Maps imagery, to identify 47 cars at RM Fisher, to gain a sense of understanding of the likely scale of loss. Furthermore, a review of the RM Fisher website shows 39 second hand cars for sale, with a stated value of £509,435. It is anticipated that a couple of new demonstration cars would also be present in the showroom. Taking the physical premises into account, a conservative figure for the insured value at risk at RM Fisher would be around £600,000.

RM Fisher Pre-Flood

 

Note that Stonehaven Technology’s original Tweet naming RM Fisher as a business located in the area of the Flood Warning was issued at 13:05, roughly 8 hours before the flooding became catastrophic.

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