FloodFlash - flood insurance made easy
by Startacus Admin
Flood insurance for all thanks to innovative InsurTech startup FloodFlash
Flooding is an increasingly common problem. You don’t have to be in the middle of a tropical storm in the Caribbean to find yourself wading through waist-high water in the streets; a little bit of rain in the wrong part of England could have a similar effect. 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.
Wilton London exceeds crowdfunding target to support its aim of becoming the UK’s number one eco household cleaning brand
TestGorilla is a startup that's on a mission to help you identify the best candidates and make your hiring decisions faster, easier, and bias-free
Major investment for her1, the digital health impact company that's dedicated entirely to female wellbeing...
Major boost for the NI economy as nanotechnology consortium, Smart Nano NI awarded £42.4m by the Strength in Places Fund to support development of new technology for medical devices, communication and data storage.
As the pandemic may still have an impact on your business in the long term - here are a few things to consider...
Need an organised process to manage the inventory in your startup? Here are a few of the key things to consider...
Ntropy secures major investment to help with expansion of its team, support market growth and future product development.
.jpeg)
Want to make your mark on your industry and elevate your business exposure? These tips will help you do just that...
.jpg)
SKOOT, the only carbon negative green navigation app for drivers launches crowdfunding campaign to help drive its growth and offset vehicle carbon as lockdown eases
.jpeg)
Need to make changes in your business? Karen Dunne-Squire, founder of Elation Experts shares tips and advice on how best to 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.
- Smart Nano NI awarded £42.4m funding from UKRI 22nd Jul 2021 Major boost for the NI economy as nanotechnology consortium, Smart Nano NI awarded £42.4m by the Strength in Places Fund to support development of new technology for medical devices, communication and data storage.
- Ntropy Raises $3.2M for its innovative data platform 20th Jul 2021 Ntropy secures major investment to help with expansion of its team, support market growth and future product development.
- SKOOT plans to accelerate growth with new crowdfunding campaign 20th Jul 2021 SKOOT, the only carbon negative green navigation app for drivers launches crowdfunding campaign to help drive its growth and offset vehicle carbon as lockdown eases
- Collective Benefits raises £6m to help expand the safety net for independent workers 14th Jul 2021 Innovative insurtech Collective Benefits raises investment to support expansion plans and development of new products and services for independent workers
