Parametric flood insurer FloodFlash announced that it has entered the U.S., aiming to augment the market by using its parametric technology to make flood insurance available to businesses that can’t get coverage anywhere else.
FloodFlash combines IoT sensor technology, computer models and cloud software to provide flood coverage to “those the insurance industry has left behind.” Headquartered in London, the InsurTech is a registered coverholder at Lloyd’s of London and is authorized and regulated by the Financial Conduct Authority.
CEO of North America Mark Hara, a marketing and insurance expert who previously led at Bold Penguin and Mylo powered by Lockton, is executing the U.S. go-to-market strategy across five states to start: Florida, Virginia, Texas, Louisiana and California.
Launched in 2019, FloodFlash’s proprietary parametric technology provides flood insurance for businesses of all sizes, making it easier and faster to claim and rebuild. Aside from broader availability, FloodFlash says a key advantage is how simple its coverage is. Customers choose a depth and payout amount for their policy, and when flooding reaches the depth selected, the insurance pays out, typically within 48 hours.
“I’m excited to bring this simple, tech-enabled flood insurance to the businesses that need it most. FloodFlash can provide excess coverage, fill deductibles or cover what other policies do not — providing a coverage option for those with nowhere else to go,” said Hara. “It’s a delight to be working with forward-thinking brokers who are dedicated to solving client problems. Together we will help address the flood coverage gap that impacts every single state.”
(AP Photo/Gerald Herbert)