FloodFlash joins Aviva Marketplace in a new approach to flood risk
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Authored by Aviva
We’re pleased to welcome FloodFlash to Aviva Marketplace as experts in providing parametric insurance to SMEs that struggle with flood excesses and exclusions.
Adam Rimmer, CEO FloodFlash, explains their innovative approach;
“Our technology-based method uses set parameters to define the cover. Customers choose up to three trigger depths for the cover and corresponding payout amounts. When flood water reaches the client’s chosen trigger depth, measured via a sensor which is attached to the side of the building – FloodFlash begin the claims process without the need for a formal claim to be made by the customer”.
The simplicity of the cover helps reduce underwriting uncertainty as it doesn’t need to factor in the losses of a flood policy to reach a premium and it’s a fully remote claims process.
“Our mission is to help more businesses recover from catastrophic flooding using parametric insurance. To do that, it’s important to work with the best and most trusted partners, like in the FloodFlash Marketplace partnership with Aviva. The partnership represents a huge step in bringing this new, faster type of insurance to the brokers and businesses that need it most.”
With climate change and urbanisation increasing underwriting uncertainty, major losses from historical events have led to large areas of the country being no-go zones for certain underwriters. Price sensitivity post pandemic and the cost-of-living crisis has created further challenges. Unfortunately, the threat of flooding isn’t going to go away. As the Met Office suggests extreme weather events are increasing in frequency.
Who is FloodFlash suitable for?
FloodFlash can be used for a wide variety of commercial property including residential properties used for commercial purposes. Businesses for whom cash flow is critical can benefit from using FloodFlash due to the speed of payout. This includes manufacturing and hospitality businesses who can experience heavy business interruption losses, as well as real estate risks where vacant properties increase property losses.
FloodFlash is most suited to clients in the following sectors:
Hospitality, hotels, bars, restaurantsReal estate, landlords, holiday lets, static caravansManufacturing, warehouses and logisticsMotor trade, garages and car lotsArts, entertainment and recreationRetail
Why FloodFlash?
Select the payout you receive if there’s a flood– the FloodFlash smart sensor and cloud-based underwriting technology were custom built to keep premiums down as there are less costs and uncertainty when dealing with a claim.No documents required at time of claim – each policy issued is linked to a mobile-connected sensor installed at the property. The sensor then reports any flooding and when the agreed trigger-depth has been reached the sensor alerts FloodFlash.48-hour claims – FloodFlash typically pays claims in less than 48-hours, to make sure there’s a faster recovery for businesses.Hands on support – every quote comes with support from FloodFlash experts, including a new service, Smart Quote that gives advice to customers as they set up their cover.
How do I get a quote?
To find out more about how FloodFlash can support you in placing commercial flood risks, visit our dedicated page.
Find out more