FloodFlash

At its heart, FloodFlash is an insurance company protecting those most at risk of extreme flooding. FloodFlash is also breaking the mould compared to traditional insurance packages. They use on-site water level sensors and algorithms to set prices and trigger claims- something which reduces the need to account for uncertainty in their premium and which therefore helps keep bills low. This system of parametric insurance makes insurance affordable to those who were previously unable to pay the high costs associated with traditional flood insurance, enabling more people to get the coverage they need. Furthermore, the payout process is kicked off as soon as the on-site sensor detects water levels above a certain height, meaning clients can get their money when they need it, rather than having to battle with paperwork and office bureaucracy.

Having initially focused on smaller policies for UK small businesses, FloodFlash is both expanding into the US and providing cover for much larger corporate clients through its new product 'FloodFlash+'. With the backing of some major funding, the company looks well on track to achieve these goals.