FloodFlash will be hoping to make a splash with its latest product.
The insurtech has introduced a new iteration of its commercial flood product, known as FloodFlash+. Whereas in the past it had focused largely on micro enterprises and SMEs, it now offers a more detailed consultancy arm and is designed for risks and portfolios where the flood premium ranges from £20,000 to £1 million on an annual basis.
The product is parametric – meaning it provides a pre-agreed payout, so that when flood water reaches the client’s selected trigger depth, the client knows exactly what they will receive. To measure when the trigger has been reached, it uses proprietary sensors.
FloodFlash+ follows the same process, but, according to co-founder Ian Bartholomew, meets a rising demand.
“Since launching last year brokers and clients have often requested larger limits and more complex quote options,” he said. “FloodFlash+ is the result of us listening to those requests. It reflects the hard work from our team and underwriting partners to expand the product to another underserved sector.
“Floods in February and the summer provided a stark reminder of how important access to commercial flood cover is. For British businesses that don’t have access to Flood Re the threat of double-losses after COVID-19 business interruption is only too real. By broadening our services, we will protect more businesses that can’t get flood cover anywhere else.”