FloodFlash in March: latest tips, news, and updates
Authored by FloodFlash
As Q1 draws to a close, the ramp-up to hurricane season begins. We used March to set good foundations, sharing insights n our award-winning claims and how we use data and expert insights to help produce the parametric structures that solve real client problems.
FloodFlash claims explained
We took a look at our claims process, how it differs to traditional insurance claims, and testimonials from our brokers and clients. Speed, flexibility, and simplicity are what set FloodFlash claims apart. Since 2019, we’ve helped businesses through 9 named storms in the UK, and through many more smaller flood events. Find out how they have won client hearts and plenty of awards in our quick-fire rundown.
Structuring for success
We shone the spotlight on structuring, the latest tool we have for large, complex, and hard-to-place risks. Structuring follows the same principles as our UK smart quote to suggest an initial structure of trigger depths and payout amounts. We spoke to Henry Bellwood about how structuring can help create a policy that matches the needs of your complex clients better than ever before. Take a look at the full article here.
International Women’s Day
We marked International Women’s Day at the beginning of March by shining a light on some of the issues that women face in the insurance industry and shared perspectives from the brilliant women in the FloodFlash team. The financial and insurance services sector has the highest UK gender pay gap, with men earning 32.2% more than their female counterparts, according to The Fintech Times. UK Commercial Lead Ciana Kenny said while the industry has made good strides, a ‘mindset shift’ is still required.
In the news:
March was full of parametric news and the latest flood research. Take a look at some of the highlights below:
- Gallagher Re and Miller both launched specialist parametric centers to oversee the growth of the parametric market
- AccuWeather experts warn that the return La Niña and historically warm water across the Atlantic Ocean could contribute to a “super-charged” hurricane season in 2024
- Louisiana’s newly appointed insurance commissioner and former insurance exec Tim Temple claims that the state is experiencing “the worst insurance crisis in history”
- According to the New Scientist, by 2050, nearly 1400 more square kms and up to half a million extra people in 30 US cities could be at risk of significant flooding due to subsidence of land caused by water and fossil fuel extraction
- Flood Re has become a BIBA partner, as the first public body to join the organisation
- Aon’s latest market insights report shows demand for parametric cover is set to increase due to continued disruption in the traditional market and widening protection gap
- Munich Re’s top climate scientist has said that rebuilding in flood areas is questionable, criticising the ongoing construction in flood-prone areas like the Ayr Valley in Germany
About 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.