New insurtech FloodMapp could save insurers millions in claims assessment costs

New insurtech FloodMapp could save insurers millions in claims assessment costs | Insurance Business Australia

New insurtech FloodMapp could save insurers millions in claims assessment costs

With Australia under the water after the recent typhoons, Australian technology company FloodMapp aims to help the insurance industry save 90% in claim appraisal and hydrology report costs.

FloodMapp provides real-time, area- and property-specific flood forecasts, maps, and analyses to improve all phases of emergency management: before, during, and after flooding. It does not rely on manual collection and manipulation of historic data.

The insurtech also uses hourly updates of weather, coastal, and river system data to provide real-time forecasts and accurate flood-impact reporting at a street view level, with 200 times more detail than other flood impact assessments. It also helps insurers deliver personalised claim responses, plan claims resourcing, and reduce fraud.

FloodMapp co-founder and chief executive officer Juliette Murphy said their data can help insurers deal more quickly, cost-effectively, and empathically with claim processing and resolution.

“We estimate the insurance industry could save almost 90% in claim appraisal and hydrology report costs by using FloodMapp data. Our data is so localised, insurers can assess the exact, individual impact of the flood on each property they insure, rather than rely on a general estimate for the area,” Murphy said.

“FloodMapp's data is powerful and fast. In an hour, we assessed the entire Hawkesbury-Nepean region in New South Wales and found 9,429 properties were impacted. This essential data would normally take weeks and months to calculate via costly surveys and manual data processes.”