Bridging the Flood Coverage Gap: FloodFlash and Hiscox Unite

August 19, 2023

Key Takeaways

  • FloodFlash partners with global specialist insurer, Hiscox.
  • The alliance promises to address the prevalent flood protection gap in the US.
  • FloodFlash’s sensor technology set new records for fast flood claim payouts in the UK.
  • Hiscox’s in-depth US flood market knowledge will complement FloodFlash’s unique approach.
  • This partnership paves the way for enhanced flood coverage options for businesses across the states.

FloodFlash: A Game-Changer in Flood Coverage

It’s no secret that America holds the unfortunate title of having the world’s largest flood protection gap. This is where FloodFlash makes a groundbreaking entrance. The insurance tech firm, renowned as the pioneer to introduce sensor-enabled parametric flood insurance, is now stepping up its game. The company’s recent announcement of its partnership with Hiscox is set to reshape the dynamics of flood insurance in the US.

FloodFlash’s innovative approach has already made waves in the UK, setting records for rapid claim payouts. With its proprietary IoT sensor technology, the firm made headlines in November 2022 for settling a client’s claim in less than four hours post-flooding. Such swift actions not only attest to the company’s efficiency but also offer a vital lifeline to businesses. Often, these businesses are left without affordable and comprehensive coverage options.

Richard Coyle, FloodFlash Head of Major Accounts and Capacity Management, expressed his enthusiasm: “We’re delighted to bolster our US capacity with a carrier that has such expertise in the US flood market. This new partnership with Hiscox represents another key endorsement of the FloodFlash approach.”

Hiscox: A Trusted Name in Global Insurance

Hiscox, a titan in the insurance sector with a global footprint, already has significant involvement in the US flood insurance space. Their partnership with FloodFlash is expected to further cement their reputation, offering an efficient catastrophe cover alternative.

Tom King, Hiscox London Market’s Alternative Risk Underwriter, shares the company’s perspective: “FloodFlash has taken an innovative approach to the challenge of flood underinsurance in the US, and we are excited to expand our significant existing US flood footprint through their unique parametric product.”

Hiscox’s extensive knowledge, combined with Munich Re’s parametric expertise, will play a crucial role in launching successful flood products across the states.

About FloodFlash: The Parametric Pioneer

Born out of the necessity to address the gaping flood protection gap, FloodFlash is a multi-award-winning insurance tech firm. Since its UK launch in 2019 and subsequent US introduction in 2022, the company has continually revolutionized the flood insurance landscape. Leveraging cutting-edge data modeling and IoT tech, FloodFlash ensures swift cover and claim payouts, making it a trusted choice for businesses seeking flood insurance. Furthermore, as a registered coverholder at Lloyd’s of London, their credibility is firmly established.

Delving into Hiscox Group

The Hiscox Group is a global insurance behemoth, with roots in Bermuda and a prominent presence on the London Stock Exchange. Their diversified product portfolio and unwavering commitment to offering specialist insurance make them an industry stalwart. Employing over 3,000 professionals across 14 countries, Hiscox boasts a vast customer base worldwide. Their core values, emphasizing people, courage, ownership, and integrity, have shaped their illustrious legacy. For those interested, Hiscox’s website offers a deeper dive into their myriad offerings.

This collaboration between FloodFlash and Hiscox is a beacon of hope for businesses across the US. By addressing the pressing issue of flood underinsurance, this partnership is poised to transform the flood insurance sector, offering businesses the security they so desperately need.

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