Previsico, the live flood forecasting InsurTech, announces former Charles Taylor Group CEO David Marock has been appointed as Chairman. He will support the executive team as they continue to grow the UK business and scale into a global InsurTech leader in the live flood forecasting space.
This significant strategic appointment follows Previsico’s recent £1.75mil Seed Plus funding, led by Foresight Group, a listed private equity and infrastructure investment manager, to support the next stage of their product development, team expansion, and sales growth, in the UK and beyond.
David was previously Group CEO of Charles Taylor plc, a global insurance services and technology business. During his nine-year term there, the company tripled its top and bottom line, providing TSR of ~400%. David is also a senior advisor to McKinsey & Company, working with clients from across the global financial services space, including Bought By Many (pet insurer), Goodlord (proptech), and TruEra (AI business). He is also a NED at Standard Life Savings, one of the UK’s largest investment platforms and Premfina, a fintech company in the traditional and consolidated UK premium finance market. Finally, he is also an angel investor in various technology-related firms. Previously, he worked for specialist insurer Beazley plc, where he was Group COO, a Group ExCo member, and on the Beazley Furlonge Ltd board.
David’s appointment is another milestone in Previsico’s development, following rapidly increasing traction in the market, escalating demand for its market-leading ‘live flood forecasting’ solution. In March 2021, Previsico partnered with Zurich and BT in a market-first pilot across 5,000 UK locations to plug a major flood forecasting gap around surface water flooding and significantly reduce the cost of false alarms. Previsico’s solution, which delivers hyper-accurate flood forecasting and flood warnings down to individual property level, was recognised at the British Data Awards 2021, where it won the prestigious ‘Innovation of the Year’ award against many FTSE 100 firms, tech unicorns, public sector bodies, and not-for-profit organisations and was voted into the ‘Hot 100’ global InsurTechs by Intelligent InsurTech.
Jonathan Jackson, CEO of Previsico, said: “Previsico is committed to scaling the business globally and working across the industry with insurers, brokers, and insurance services businesses to do so. David’s vast experience and stellar track record scaling fast-growth technology businesses in the insurance and technology spaces make him a perfect fit for Previsico. We are delighted to have him onboard.”
Bill Yost, Investment Manager at Foresight, said: “Since we invested in Previsico, we have seen the business go from strength to strength with a unique live flood forecasting solution that offers enormous potential to the global insurance sector, and others. A seasoned professional of David’s standing will be invaluable in driving their business to the next level as more major insurers come on board.”
Incoming Chairman, David Marock, said:“Previsico’s market-leading analytical and predictive tools are particularly well positioned to help insurers and their end-clients anticipate and mitigate the impact of floods. The importance of which is only likely to grow as climate change means that weather-related CAT events will become more frequent and potentially more damaging, if action is not taken to mitigate their impact.
“I am really excited, therefore, to work with Jonathan, Dapeng, Avi, and the team, all of whom I have enjoyed getting to know, to enable Previsico to achieve its full potential and make a real difference in the world of flood prediction and risk management.”
Previsico’s next generation live flood forecasting solution uniquely brings together on-the-ground IoT sensors, the latest weather data from the Met Office and IBM, and their advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers and their major corporate clients.
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