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Flowcore: Synthetik Insurance Analytics announces successful demonstration of AI powered flood modeling and loss prediction tool
AUSTIN, Texas and LONDON, April 29, 2024 /PRNewswire/ — Synthetik has announced the successful demonstration of their “Flood Data Collection and Analysis” platform, Flowcore – an end-to-end tool for modeling of flood scenarios and prediction of resulting damage and financial/insurance losses. Flowcore incorporates Synthetik’s proprietary GPU-accelerated flood simulation code, and uniquely leverages artificial intelligence (AI) to deliver results in seconds on standard laptop systems – enabling measurement of cumulative events or high-volume probabilistic analysis.
Flowcore has undergone significant validation using real world events and was used to recreate a flash flooding event in Fort Lauderdale, FL from April 2023 with virtually perfect accuracy at unprecedented speeds.
Flowcore meets the Federal Emergency Management Agency (FEMA) and National Flood Insurance Program’s (NFIP) objectives of better understanding historical flood impact, real-time analysis and damage forecasting for future events across the country and represents a step-change in scalability for physics-based flood simulation. Flowcore is already being marketed and utilized by Synthetik’s partners in the insurance industry.
Josh Hatfield, Director of Research and Development for Synthetik said:
‘Climate change is rapidly and radically changing the landscape of risk in climate-related events, so we are delighted with the success of Flowcore and its potential to assist public and private sector partners in understanding and predicting flooding damage, and to help guide disaster mitigation efforts across impacted communities.’
Synthetik COO Tim Brewer commented:
‘Flowcore joins our successful products for insurance analytics based on the characterization of assets, perils and vulnerability that deliver industry leading intelligence to insurance companies and risk holders all over the world. We’re motivated to extend this framework to a wide-range of insurable assets and perils including human and climate-based threats to deliver on our mission of developing breakthrough technology for a safer world.’
For all inquiries: Contact Synthetik Applied Technologies PR info@synthetik.ai
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