FloodFlash is proving that parametric insurance can be fast, easy and flexible – all to the benefit of the customer. When storms Ciara and Dennis swept across the UK in February, FloodFlash sprang into action. Claims were paid in full within days of the flood. The fastest took just 26 hours and 15 minutes.
The rewards for this revolutionary new form of claims is businesses can begin their recovery much faster than usual. When we visited customers the week of the claims, some had even resumed trading.
This application of parametric insurance is undoubtedly innovative, but none of it could happen without the tech infrastructure that sits behind the cover. The combination of our cloud-based underwriting platform and Internet of Things sensors means that we can quote and write insurance with ease, and pay claims faster than ever before.
Yesterday evening FloodFlash attended the Insurance Times Tech and Innovation Awards. The evening was hosted by comedian Ivo Graham who did a fantastic job of keeping the energy up considering the virtual format. More than a few laughs permeated from the new FloodFlash board room.
We reached the final in two categories:
As you may have guessed from the title of this blog – we won both! It’s a landmark moment for our brand of parametric cover. We’ve known that customers can benefit hugely from massive payouts, now FloodFlash is getting recognition from industry experts too.
FloodFlash founder Adam Rimmer commented, “I am chuffed with the FloodFlash team and everything we’ve achieved. Parametric insurance has changed the customer experience for the better. We’ve proved that FloodFlash is at the forefront of that change. The next challenge is to make sure that our future claims are even better.”
Other winners on the night included Guy Farley from Bought By Many who took home the Technology Champion award, and SBS who took home three awards. It was fantastic to see our partners at Insurtech Gateway win the Investor/Corporate Innovator award – together we’re unstoppable!
To read more about the ceremony and get some reaction from the other winners, check out the Insurance Times article here [paywall].
What’s next for FloodFlash? We’re looking forward to the Insurance Times Claims Awards and the British Insurance Awards hosted by the Insurance Post. We might add to the trophy cabinet even further. Beyond that we are redoubling our efforts so that our next big set of claims provide an even better experience. How fast will we eventually pay major flood claims? Only time will tell.
To find out more about more about our award-winning parametric flood insurance for business or request a quote, visit our homepage.