- FloodFlash is a flood insurance company that uses sensors to give property owners quick payouts after floods.
- Insurance companies struggle to assess flood risk, meaning many people and businesses end up paying higher premiums than they might need.
- When it does come to paying out, the process can be long – meaning people aren’t able to get the financial support they need.
- FloodFlash’s sensors detect flood depth and stimulate an automatic payout once a threshold is hit, helping people get the money they need without long, drawn-out processes.
Website: floodflash.co
What is FloodFlash?
FloodFlash is a insurtech company that helps landlords and businesses across the UK and US get fast flood insurance, without needing to jump through hoops or fill in lots of paperwork.
Based on ‘parametric’ insurance, the policy is only triggered if a certain measurement is hit – which cuts out a lot of uncertainty for insurers.
The company was founded after Hurricane Sandy, which showed how underprepared the insurance market was to deal with flood pay outs, FlashFlood found a new way to tackle this problem.
Here’s how it works:
- Business, property owner or landlord sign up to the policy, paying a premium based on the flood depth they want to be protected against.
- A smart sensor is installed outside their property by FloodFlash. Each sensor has depth measurement technology built in, as well as a battery that can last up to 12 years and a memory chip to store data if networks fail.
- When your sensor detects a flood at the policy’s selected trigger depth, it sends the data to FlashFlood.
- The data is verified quickly and a pay out is made within 48 hours.
With FloodFlash, there’s no paperwork, no delays and no questions – just smart technology and quick pay outs.
Want to be featured as TechRound’s Startup of the Week? Find out more about this weekly feature, and how to get involved, here.
What Makes FloodFlash Unique?
FloodFlash is unique because it is completely rethinking how flood insurance could work. Instead of using damage assessments, which can be long and admin heavy, the sensors automatically pay out the premium when the flooding hits a certain depth.
This not only means people can get paid out quickly, but it also gives policyholders more options when it comes to customising their insurance. For insurers, it also takes out a lot of the guess work.
This technology is great for homes or businesses in flood-prone areas that need quick financial support when disaster hits.
Is There A Market For Tech Driven Flood Insurance?
Yes there is, and it’s growing.
In England alone, stats by Morgan Clark suggest that 1 in 6 properties are at risk of flooding. That’s around 5.7 million properties just in England alone.
In addition to this, flood damage causes billions of pounds of damage every year, not just for buildings and infrastructure, but for businesses too. According to Forbes, 40% of small and mid-sized businesses (SMBs) never reopen after a natural disaster – making it an economic problem as well.
And traditional insurers aren’t helping. Many big insurance companies are raising premiums in these areas or not even offering flood insurance.
Because of this, finding new ways to offer more accurate and less admin-intensive options is important – not just for people but businesses too.
FloodFlash Parametric Flood Insurance: What’s Included?
Whilst the price of each policy changes based on the property, its risk level and the trigger depth, all policies include:
- Smart sensor installation
- No excess
- Fixed payout, chosen by the user
- Payouts within 48 hours
To find out more about FloodFlash, visit them at their website: floodflash.co
