FloodFlash breaks into US market by hiring Mark Hara as North America CEO
Authored by Floodflash
Parametric flood insurance company FloodFlash, the first insurance provider to pay catastrophic flood claims as fast as 4 hours after a flood, has announced the hiring of Mark Hara (pictured) as CEO of North of America. After an extensive search, Hara joins to lead the company’s expansion into the U.S. insurance market, the biggest flood insurance market in the world.
FloodFlash provides the world’s first parametric flood insurance available to the mass market. The unique coverage combines computer models, cloud software and connected technology to provide flood coverage to those the insurance industry has left behind. Despite the prevalence of flood risk in America, fewer than 5% of small to mid-size businesses, carry flood insurance. After a successful launch in the UK, FloodFlash raised an impressive $15 million Series A raise in the spring with the intention to cross the pond and close the world’s largest flood protection gap. A recent example of the flood insurance challenge in the U.S. came with Hurricane Ian. Experts estimate that the total uninsured flood losses are as high as $17 billion.
As CEO of North America, Hara is charged with developing and executing the U.S. go-to-market strategy, initially launching for commercial property in Florida, Virginia, Texas, Louisiana, and California. He will begin by building a world-class team and solidifying distribution partnerships with brokers across the country.
Hara is a seasoned marketing and insurance expert with a proven track record in managing multi-billion dollar brands while at P&G and Nationwide. He has also led and successfully exited two insurtech startups, Mylo and BoldPenguin, displaying his wide range of strategic leadership capabilities in the space, which includes go-to market strategy, operations, product development, customer acquisition, and marketing. Hara is also passionate about giving back and focuses his volunteer efforts supporting educational opportunities for young people.
What Mark Hara and U.K. CEO Adam Rimmer had to say about the hire
“I am thrilled and honored to lead FloodFlash in North America and bring their game-changing parametric product to the U.S.,” said Mark Hara. “FloodFlash insurance will change the flood insurance market in a really positive way, and I can’t wait to grow our U.S. team and forge lasting broker partnerships.”
FloodFlash CEO and co-founder Adam Rimmer said of the hire: “I believe that parametric insurance is the best way to help people recover from catastrophic flooding. To do that FloodFlash needs to operate in the biggest flood market in the world. Mark’s extensive expertise in insurance, insurtech and product marketing give me no doubt that FloodFlash will help millions of American businesses find affordable coverage in the years to come.”
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.