Insurance Times Awards finalist 2020 Q&A: FloodFlash’s cloud based underwriting approach overhauls flood cover for SMEs

Here we feature FloodFlash’s entry into MGA Initiative of the Year

FloodFlash entered its cloud-based underwriting and IoT sensors approach to flood insurance

What key achievement did your entry highlight?

FloodFlash uses a cloud-based underwriting and Internet of Things sensors approach to write over £20m in cover.

These businesses can’t get flood cover anywhere else. When two in five small businesses don’t reopen after catastrophic flooding it’s no great leap to say that FloodFlash is providing a lifeline to many people across the country. This represents a flying start to our efforts to close the $41bn global flood protection gap.

Can you share data or testimonials to back up your bid to win?

“At the end of the day, if FloodFlash treat you like they’ve treated me, it’ll be the best thing you’ve done in the last five years. On my heart, swear on my kid’s life. You’re in a different league to the rest of them. You really, really are. Absolutely 110%,” Martyn, FloodFlash customer

What sets your firm apart from the other shortlisted contenders?

There are many great contenders in the category for the MGA award. FloodFlash is the only company in the world that uses patented sensor technology to deliver mass-market parametric flood insurance. It is reopening small scale catastrophe markets for insurers and brokers whilst providing a very real lifeline to British businesses in a time when having adequate cover has never been more important.

How will you celebrate if you are the victor?

Our team is evenly split across North and South London so we’ll probably set up some socially responsible celebrations either side of the river. It’s an award we would certainly have to share with our underwriters and brokers without whom this would never have become a reality.