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 customer 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. Storm Christoph claims from January 2020 were paid even faster, some were paid in just 9 hours and 44 minutes on the same day of the flooding. That speed of claims payment remains the fastest and best proof of mass-market parametric insurance to date. Founded in 2016 by catastrophe experts Ian and Adam, FloodFlash has raised £2.1m seed investment. FloodFlash operates across Britain and is headquartered in London. FloodFlash is a registered coverholder at Lloyd`s of London and is authorised and regulated by the Financial Conduct Authority.
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