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Business case

FloodFlash+ unique parametric insurance for large enterprise clients 

Released 26 May 2020
Get in contact now!

Large enterprise parametric insurance clients no longer need to rely on third party data or spend large amounts on monitoring systems. FloodFlash+ provides bespoke, affordable parametric flood insurance based on sensors installed at the insured property.

Vendor

Contacts

Photo of Ola Jacob Raji
Ola Jacob Raji
floodflash.co
Account Executive
United Kingdom

The issue: parametric flood insurance is too expensive and too general

Parametric insurance has the potential to cover previously impossible risks and make claims faster and more transparent. Until now event-based insurance was only available to the biggest spenders, governments and multinational corporations in the form of catastrophe bonds. 

Consultancies are beginning to provide parametric cover on a smaller scale based on data points available such as tidal barriers and river gauges. These products are exposed to basis risk though. Whilst these third party measures may help predict flooding and its causes, they do not accurately represent property level flooding.

The solution: a new consultancy service that provides tailored parametric cover at a fraction of the cost

FloodFlash+ is the first service that provides parametric flood cover using proprietary data. It combines the latest in mobile technology and underwirting to deliver bespoke cover at a fraction of the time, hassle and price.

Based on the principles of the core FloodFlash product, FloodFlash+ uses detailed consultancy to help risk managers mitigate against larger and more complex flood risks.

Related solutions

Benefits and advantages

FloodFlash+ customers benefit from the fast, easy and flexible core FloodFlash product. FloodFlash+ adds new benefits suited to larger and more complex risks:

  • Minimise basis risk: Other parametric options available use data from 3rd party sources. FloodFlash+ uses sensors installed at your property. That way the cover reflects the risk more accurately, and claims are more transparent.
  • Acheive full resilience: Indemnity insurance is great for the balance sheet. Supplement it with rapid-payout parametric cover to protect cash-flow to ensure that you have what you need in the immediate aftermath of a flood.
  • Fully tailor your cover: FloodFlash expert consultants work with you, and your broker and surveyor partners to design cover bespoke to your site requirements. Tailor everything from the limits, sensor placement and trigger depths.

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Responsible for this content

floodflash.co
United Kingdom

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