FloodFlash gains support from UK MPs

A version of this article originally appeared in TechRound. To see the original click here, where TR showcases startups and tech news from across the UK.

Emma Hardy MP and Mark Eastwood MP show FloodFlash support as part of awareness campaign

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.

Emma Hardy MP meeting with FloodFlash Broker Success Manager Joe Patton and FloodFlash clients last year.

Highlight of the campaign was the Commercial Flood Risk Report. It includes insights on the threat posed to British businesses. Broker and customer attitudes towards the relationship between flooding, insurance and tech also appeared. 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 handle a flood incident at their client’s property within the last 10 years
  • Brokers on the impact of flooding on clients: electrics need re-wiring (71%), equipment needed repair/replacement (63%) and a long period of business interruption (40%)
  • 40% of brokers chose “faster claims processes” as the number one priority to improve policies

Business interruption was revealed as a key issue when it comes to flood risk. 1 in 4 clients who have flooded 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.

UK brokers are ready for tech based insurance

The research also revealed UK broker attitudes to tech. It shows that brokers are 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 three storms arrived in quick succession towards the end of February. FloodFlash broke their claim record – paying one client in just 5 hours and 36 minutes after the flooding took place.

What people had to say about FloodFlash MP support

Emma Hardy, MP for Hull West and Hessle contributed the foreword in the updated report that has just been released. She wrote: “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.”

About FloodFlash

80% of the world’s catastrophic flood losses aren’t insured. That’s $58bn of uncovered damage, and it’s getting bigger each year because of climate change, population growth and urbanization. FloodFlash is an insurance technology company that combines computer models, cloud software and internet-of-things sensors into flood cover that protects those the insurance industry has left behind. FloodFlash is headquartered in London. It is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority.