Brokers and customers give tech-based insurance a thumbs up as MPs show support for FloodFlash
UK MPs from across the floor show support for FloodFlash
Emma Hardy MP and Matt Eastwood MP shared constituent concerns whilst praising the unique sensor-based solution
FloodFlash, the parametric insurance technology company that pays catastrophic flood claims within 48 hours, was praised by MPs from both the main parliamentary parties earlier this year. Emma Hardy MP and Matt Eastwood MP both met with CEO Adam Rimmer as part of their Commercial Flood Risk Awareness campaign.
Highlight of the campaign was the Commercial Flood Risk Report. It includes insights on the threat posed to British businesses, as well as broker and customer attitudes towards the relationship between flooding, insurance and tech. Key findings from the research include:
- Only 36 brokers were screened out of the research because they didn’t have at least 5 clients in a high-risk flood area. The survey results come from 100 brokers who responded that they had at least 5 clients at risk
- 71% of UK brokers surveyed have had to handle a flood incident at their client’s property within the last 10 years
- When asked the impact of flooding on clients – brokers responded with: electrics need re-wiring (71%), equipment needed repair/replacement (63%) and a long period of business interruption (40%)
- When asked how they would improve the flood insurance available to them 40% chose “faster claims processes” as the number one priority
Perhaps the most significant revelation from the report is that business interruption is a key issue when it comes to flood risk. 1 in 4 clients who have flooded in the last 10 years revealed that they experienced a prolonged period of business interruption. Despite that, only 42% of those surveyed revealed that they have business interruption cover in place.
The research also revealed UK broker attitudes to tech – showing them to be progressively minded when it comes to new solutions. 87% of brokers agreed that they would use more technology if it made the product better. That sentiment isn’t without caution though. Almost half (47%) agreed with the statement “tech is just an excuse for insurers to charge more”.
The results from their research were revealed after widespread damage and disruption from Storms Dudley, Eunice and Franklin – all of which arrived in quick succession towards the end of February. FloodFlash ended up breaking the claim record – paying one client in just 5 hours and 36 minutes after the flooding took place.
Emma Hardy, MP for Hull West and Hessle had these words to share in the foreword in the updated report that has just been released: The FloodFlash Risk Report is welcome and needed. If we are to persuade government to make changes to policy, we need to be able to present a detailed and up-to-date picture of the risks business face from flooding. Just as importantly, businesses themselves need that information so that their understanding of the risks from flooding matches their perceptions.”
FloodFlash Commercial Director Brent Jackson said “We are hugely encouraged that the research reflects our experience in that the vast majority of brokers are open to tech-based solutions. It’s clear that UK brokers need more support from the market to provide covers that reflect the need – particularly when it comes to business interruption. We’ll continue to work hard to provide smart flood cover to all those who need it, just as we have for those we’ve already paid after Storm Franklin.”
Authored by FloodFlash
FloodFlash is a new type of rapid-payout flood insurance. It uses the latest data modelling and connected tech to bring parametric insurance to the mass market for the first time. The result is fast, easy and flexible cover that pays claims within days of a flood.
FloodFlash is parametric or `event-based` insurance. When buying the cover, the client chooses the depth of flooding they wish to insure against and how much they’d receive when that flood happens. When the FloodFlash sensor installed at the property detects flood water at the selected depth, the claim is paid in full. No waiting. No haggling.
FloodFlash rapid-payouts were put to the test in February 2020 when Storm Ciara swept across the UK. Claims related to the storm were paid in full within a single day. That speed of claims payment remains the fastest and best proof of mass-market parametric insurance to date gaining acclaim at industry awards and recognition from The Times, The Telegraph and the BBC.
FloodFlash operates across Britain, is headquartered in London. Floodflash is a registered coverholder at Lloyd`s of London and is authorised and regulated by the Financial Conduct Authority.
- 23 Jun 2022
- 16 Jun 2022
- 9 Jun 2022
- 6 Jun 2022
- 26 May 2022
- 3 May 2022
- 28 Feb 2022
- 10 Feb 2022
- 17 Jan 2022
- 13 Jan 2022