Insurtech company FloodFlash launches in U.S. – InsuranceNewsNet
Since launching in 2019, FloodFlash has established a track record for combating extreme weather losses. Their proprietary parametric technology provides flood insurance for businesses of all sizes, making it easier and faster to claim and rebuild. Aside from broader availability, a key advantage to FloodFlash’s coverage is how simple it 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. On November 22, 2022, FloodFlash paid a client in full in under four hours, breaking its own record for claim payments.
Amidst increased frequency of extreme weather due to climate change, urbanization and a strapped insurance market, new technologies and products are needed more than ever to reinvigorate the flood insurance market. FloodFlash has already made a huge impact in the underinsured market in the U.K., and after a $15 million Series A raise in the spring, the company is ready to bring its impact across the pond to close the flood protection gap in the U.S.
“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 Mark Haro, CEO of North America. “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.”
Brokers and business owners of all sizes who are interested in partnering or learning more can email [email protected].
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