FloodFlash - flood insurance made easy

by Startacus Admin
Flood insurance for all thanks to innovative InsurTech startup FloodFlash

Every year, flooding causes a massive $41 billion of uninsured losses. Sometimes local councils and government will foot the bill, but often small businesses and individuals - those least able to afford it - are left to fend for themselves. This can lead to shutting up shop and maybe moving house. Only, how can you move when no one will buy a house that’s continually flooded? So how do we go about getting better insurance for those at risk?
London-based InsurTech startup FloodFlash is using flexible, event-based insurance to try to put as much of those massive costs as possible back into the hands of those built to take it: insurance firms.
Event-based insurance means that an insurance payout will only be triggered if flooding reaches a certain level. By using event-based insurance, you stand to pay a lower premium, because there is less uncertainty for the underwriters.
The premium is, of course, based on the flood risk, which is determined using things like flood records, terrain data, rainfall records, and other sources. However, the insurance is somewhat flexible. You can further reduce your premium by choosing a lower settlement amount, if you think you wouldn’t need a higher amount to recover after a flood; and if you can build up your own flood defences, you can choose a higher flood level for the payout to trigger at.
The flood level is measured automatically by the sensor - designed by a former Dyson product designer - that is installed at the premises. With this self-contained sensor working automatically, and insurance payouts that usually arrive the same day, insurance is one less thing to worry about in the already-traumatic event of a flood.
Just recently, FloodFlash announced that they have raised £1.9m in seed funding from LocalGlobe, Pentech Ventures and InsurTech Gateway. The latter is the InsurTech incubator currently hosting the startup. With the aforementioned increase in the issue of flooding, insurance created specifically for those affected by the problem is particularly welcome as we approach that hothouse-Earth turning point.
Interested in insurtech? Read our recent articles on:
Wrisk - The InsurTech startup that's on a mission to make macroinsurance our insurance of choice.
Flock - offers on-demand insurance for drone pilots.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
The lowdown on the Regional Winners of Tech Nation's Rising Stars competition - some of the UK's most promising early stage tech companies.

Loop Not Luck aims to improve social mobility via its innovative job board designed specifically to connect underrepresented candidates to tailored career opportunities.

75% of LGBTQ+ tech founders and investors actively conceal their gender or sexuality from peers in the ecosystem, says first of its kind report.

Leading AI startup Aiir Innovations secures major investment to support global expansion and help set a new standard for engine inspections.

The lowdown on OneThird, the foodtech startup that's tackling food waste via its innovative solution for predicting the shelf life of fresh produce.

Karen Meager, co-founder of Monkey Puzzle Training shares some insights on how leadership has changed in the last decade, and what it takes to be a great leader today.

Freight rate management platform Freightify raises Series A investment to support further international growth and mission to help more freight forwarding companies digitize their operations.

Crowdfunding success for Omni, the vegan dog food brand, reaffirms the recession-proof growth of the pet nutrition industry.

Want to learn a new language? Weeve is an innovative startup that has created an innovative, creative and effective way to help you do just that.

Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
Published on: 19th August 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- Tech Nation reveals 33 early stage scaleups to watch in 2023 8th Feb 2023 The lowdown on the Regional Winners of Tech Nation's Rising Stars competition - some of the UK's most promising early stage tech companies.
- Loop Not Luck, the UK’s first intersectional diversity recruiting platform launches 7th Feb 2023 Loop Not Luck aims to improve social mobility via its innovative job board designed specifically to connect underrepresented candidates to tailored career opportunities.
- New report reveals the tech community's LGBTQ+ Crisis 7th Feb 2023 75% of LGBTQ+ tech founders and investors actively conceal their gender or sexuality from peers in the ecosystem, says first of its kind report.
- Aviation startup Aiir Innovations raises over €2M to transform aircraft engine maintenance 7th Feb 2023 Leading AI startup Aiir Innovations secures major investment to support global expansion and help set a new standard for engine inspections.