FloodFlash Company Profile

Background

FloodFlash is an insurance technology company specializing in parametric flood insurance solutions. Founded in 2016 and headquartered in London, UK, the company aims to address the significant global flood protection gap by providing rapid-payout flood coverage to businesses and property owners, particularly those in high-risk areas. By integrating advanced data modeling, cloud software, and Internet-of-Things (IoT) technology, FloodFlash offers a unique insurance product that pays claims swiftly, often within 48 hours, thereby enabling faster recovery for affected clients.

Key Strategic Focus

FloodFlash's strategic focus centers on:

Parametric Insurance Solutions: Offering policies that trigger payouts based on predefined flood depths, measured by proprietary IoT sensors installed at insured properties.

Technological Integration: Utilizing advanced data modeling and cloud-based platforms to streamline underwriting and claims processes.

Market Expansion: Targeting markets with significant flood risk and underinsurance issues, including the United States, Germany, Australia, and Japan.

Rapid Claims Processing: Ensuring swift claim settlements to support business continuity and economic stability in flood-prone regions.

Financials and Funding

FloodFlash has secured substantial funding to support its growth and expansion initiatives:

Series A Funding: In February 2022, the company raised $15 million in a Series A round led by Buoyant Ventures, with participation from Munich Re Ventures, Sony Financial Ventures/Global Brain, MS&AD Ventures, and PropTech1.

Seed Funding: Earlier, in August 2018, FloodFlash raised £1.9 million in seed funding from LocalGlobe, Pentech Ventures, and InsurTech Gateway.

The capital raised is intended to fuel international expansion, enhance technological capabilities, and address the global flood underinsurance problem.

Technological Platform and Innovation

FloodFlash differentiates itself through its innovative technological platform:

Proprietary IoT Sensors: Developed to measure water levels at insured properties, these sensors trigger policy payouts when predefined flood depths are reached.

Data Modeling and Cloud Software: Utilized to assess risk, underwrite policies, and manage claims efficiently.

Parametric Insurance Model: Allows for predetermined payouts based on specific, measurable events, enabling rapid claims processing without the need for traditional loss assessments.

Leadership Team

FloodFlash's leadership comprises experienced professionals:

Adam Rimmer: Co-Founder and Chief Executive Officer, with a background in risk modeling and a focus on addressing underinsurance issues.

Ian Bartholomew, Ph.D.: Co-Founder and Chief Underwriting Officer, bringing expertise in hydrology and underwriting.

Joshua Gill: Chief Technology Officer, overseeing the development and implementation of FloodFlash's technological solutions.

Mark Hara: CEO of North America, leading the company's expansion into the U.S. market, with prior experience at Bold Penguin and Mylo powered by Lockton.

Competitor Profile

Market Insights and Dynamics

The global flood insurance market faces a significant protection gap, with an estimated $58 billion in annual uninsured flood losses. In the U.S., inland flooding alone caused over $151 billion in damages over the past 40 years, yet fewer than 5% of small to mid-size businesses carry flood insurance.

Competitor Analysis

FloodFlash operates in a competitive landscape with several key players:

Neptune Flood: A U.S.-based company offering private flood insurance policies, utilizing advanced technology for risk assessment and policy issuance.

Flood Re: A UK government-backed reinsurance scheme aimed at making flood insurance more affordable for homeowners in high-risk areas.

Aon Edge: Provides private flood insurance solutions, focusing on comprehensive coverage options and risk mitigation strategies.

FloodFlash distinguishes itself through its parametric insurance model, enabling rapid payouts and simplified claims processes.

Strategic Collaborations and Partnerships

FloodFlash has established significant partnerships to enhance its market position:

Hiscox Partnership: In August 2023, FloodFlash announced a partnership with Hiscox to support U.S. growth ambitions, leveraging Hiscox's expertise in the U.S. flood insurance market.

Munich Re Capacity Agreement: In November 2021, FloodFlash secured an insurance capacity partnership with Munich Re, providing the necessary backing for its parametric flood insurance products.

Operational Insights

FloodFlash's strategic considerations include:

Market Differentiation: Offering a unique parametric insurance product that provides rapid payouts, addressing the limitations of traditional indemnity-based flood insurance.

Technological Edge: Utilizing proprietary IoT sensors and advanced data analytics to assess risk and process claims efficiently.

Regulatory Compliance: Ensuring adherence to regulatory standards in new markets, including obtaining necessary approvals and building relationships with local regulators.

Strategic Opportunities and Future Directions

FloodFlash's strategic roadmap includes:

U.S. Market Expansion: Following the appointment of Mark Hara as CEO of North America, FloodFlash is focusing on establishing its presence in the U.S., particularly in states with high flood risk.

Product Diversification: Exploring opportunities to apply its parametric insurance model to other natural catastrophes and expanding its product offerings.

Technological Advancements: Continuing to invest in technology to enhance sensor capabilities, data analytics, and customer experience.

Global Reach: Targeting additional international markets with significant flood risk and underinsurance issues, such as Germany, Australia, and Japan.

Contact Information

For more information, visit FloodFlash's official website.

FloodFlash maintains a presence on social media platforms, including LinkedIn and Twitter, to engage with clients and stakeholders.