FloodFlash - parametric flood insurance
FloodFlash offers the first parametric flood insurance product aimed at businesses and property owners. A FloodFlash policy pays a fixed sum as soon as flood water reaches a pre-agreed depth.
FloodFlash is a new type of event-based flood insurance. Their data and smart sensor approach removes the uncertainty, cost and time of traditional insurance. The result is a cost- and time-effective parametric insurance on a scale that has never been achieved before.
Founded by catastrophe insurance experts Adam and Ian, FloodFlash offers parametric or 'event-based' insurance as an MGA to SME's. This type of cover provides a settlement based on an event happening, rather than the damage incurred. In essence, the policy uses agreed limits - or parameters, hence parametric - and when these limits are reached the settlement is paid out.
FloodFlash base their end-to-end insurance product on their developed platform and state-of-the-art sensors that are installed outside the insured property. When the sensors detect a flood, they send the data to FloodFlash HQ and the payout is arranged. A FloodFlash policy doesn't use loss adjustors to assess damage, so there are no long delays. Customers receive the pre-agreed payout within a matter of days. With no claims forms, there is no guesswork or haggling when it comes to payout time either.
Having launched fully at the beginning of 2019, FloodFlash operates across Britain and is headquartered in London. FloodFlash is a registered coverholder at Lloyd's of London and is as an insurance intermediary authorised and regulated by the Financial Conduct Authority. Currently acting only in Britain, FloodFlash is exploring options to scale internationally and by vertical.