Acies MGU - InsurTech Innovation Award 2022

1. https://www.aciesmgu.com/
ACIES MGU
INSUR TECH INNOVATION AWARDS
(EMEA)
FLOOD WARNING SERVICE
SMARTER UNDERWRITING

2. BACKGROUND
• Acies is a technology and data driven focused MGU start-up that builds, owns and operates MGA
businesses based in the UK and overseas. We look to “de-risk the risk” for our customers and
ourselves.
• As a true market leader, it combines innovative technology with experienced people who
understand risk in its broad sense, risk prevention made possible with technology and can act
quickly with focus, integrity and transparency.
• We are also crystal clear on our Environmental Social Responsibility believing that setting your sights
on contributing within your sphere of influence, through collaboration and a network of partnerships
(ecosystem), you can create even better solutions. This flood service is testament to our
commitment to deliver against this.
• Our strategy is https://www.aciesmgu.com/social-environmental
ACIES MGU INSURER INNOVATION AWARDS

3. FLOOD WARNING SERVICE
The first MGA to offer a flood warning service
embedded within an insurance offering for UK SMEs

4. PROBLEM STATEMENT
• The UK government states the risk of surface water flooding to people and properties is greater than all
other forms of flood risk combined – this is due to a combination of climate change, urbanisation and
lack of drainage capacity.
• For example, in England surface water flooding puts over 3m properties at risk, compared with 2.4m
from rivers and the sea combined.
• Acies MGU, together with Previsico, has become the first UK MGA insurer to provide real-time flood
warnings to SME clients. The “embedded insurance” enables SMEs to receive personalised warnings
in their immediate area, allowing them to take action to protect their premises from flood water.
• This will allow SMEs, that provide the economic backbone of most communities, to become more
resilient, ultimately helping to protect people’s livelihoods.
ACIES MGU INSURER INNOVATION AWARDS

5. SMART TECH/SMART SOLUTION
• Acies’ collaboration with Previsico offers a live flood alert InsurTech. This partnership creates the first
Property Insurance policy to offer a preventative alert service for UK SME companies to boost their
flood resilience.
• Previsico predicts flood events that are not covered by any other warning system, with an alert service
that will come from Acies SME UK MGA that is designed to predict location, time, and depth of flooding
before it happens. This will enable SMEs in the UK to protect their business by initiating flood resilience
measures, such as moving stock to higher ground, removing mobile assets from harms way and setting
up defences.
• This tech-driven SMS and email alert service enables customers, insurers, and their loss adjusters to
react to potential incidents before they happen, reducing Business Interruption, benefitting from an
improved claims response, and minimising the flood risk.
ACIES MGU INSURER INNOVATION AWARDS

6. https://www.aciesmgu.com/
COMPETITION
List competitors.
What are your competitive advantages - in the eyes of your
customers.
ACIES MGU INSURER INNOVATION AWARDS
THE MISSING LINK
Flood action plan
Resilience measures
Actionable flood warnings

7. 7
Provide customers with a more personalised experience with actionable flood warnings
Defend property and move contents
Move car to high ground
Implement flood action plan
Stay safe
LOSS MITIGATION
Benefits
Help customers save their possessions Improve retention

8. 8
CLAIMS TRANSFORMATION/
RISK INTELLIGENCE
Mobilise rapid
response unit
Fast track genuine
claims
Benefits
Be the first on the scene
Improve claims experience
Smart
underwriting
Reduce exposure
Reserve capital for claims

9. CUSTOMER IMPACT
 Reduces the impact of flood to UK SME businesses – even those previously unaffected by flooding
 Personalised service delivered into the hands of those most likely to be affected
 Predicted forecasts up to 48 hours in advance – predicting time and depth of flooding
 Identify at-risk locations so customers have the ability to act
 Reducing “false alarms”
 Ability to support vulnerable populations
 Minimise disruption and costs to the business (reduce business interruption, move stock and other
mobile assets out of harms’ way) and receive a faster insurance claims response
 Enabling SMEs to respond to the UK’s largest natural catastrophe risk - flooding
ACIES MGU INSURER INNOVATION AWARDS

10. Using Lloyd’s loss data to estimate the savings if the insured actioned an alert and how it impacted losses on moveable and immoveable assets.
COMMERCIAL CASE STUDY
SUPERSTORM SANDY – NEW YORK OCT 12
• Superstorm Sandy losses for fine art totalled over $300m. All
losses relate only to stock that could have been moved.
• As such, potential savings with a flood alert and plan were at
~100%.
• Using Previsico’s model outputs from the event, which had an
accuracy of 91%, losses from 2 galleries were investigated
showing claims totalling over $6.4m could have been saved
ACIES MGU INSURER INNOVATION AWARDS

11. CHAIR, CLIMATE CHANGE INSTITUTE OF RISK
MANAGEMENT SIG
“Technologies, such as pre-warning app alert systems, are being introduced by insurers to improve
customer communication in respect to weather related communications that help them to prepare and
protect against future climate change perils such as flood, storm, heatwaves and freeze events.
By embedding the flood alert technology into their insurance product ACIES MGU are providing their
customers with the ability to receive personalised communications and warnings in their immediate area
of an impending flood. They have become one of the first UK insurers to provide real-time flood warnings
to their target customer base and will be using this as a key selling point and differentiate their offering.
This type of service can also support the reduction of an organisation's carbon footprint as it aligned with
a net zero underwriting strategy.”
Martin Massey, IRM Chair Climate Change Committee - May 2022
ACIES MGU INSURER INNOVATION AWARDS

12. www.aciesmgu.com/sme-uk
The first MGA to offer a flood warning service embedded
within an insurance offering for UK SMEs
Acies SME UK MGA is an Acies MGU company. Acies Management Holdings Limited is registered at
71 Fenchurch Street, London EC3M 4BS. FCA number 830581. Company number 11136744.