Nyasha Kuwana, head of product at FloodFlash, explains why she believes her firm should win the Excellence in Technology - Property Claims category at the 2022 Insurance Times Awards
Explain briefly about your entry in the Excellence in Technology - Property Claims category.
When it comes down to it, claims are the promise of insurance. The customer’s experience during a claim characterises the difference between a bad product and a good one, good service and poor.
When carrying out customer research on flood claims, slow, difficult processes came up again and again as the biggest gripe consumers had with their insurance.
To make matters worse, 40% of small businesses don’t reopen after a flood. It’s clear that those most at risk are being left behind. FloodFlash is here to solve that.
We have reimagined how catastrophe property claims could work, using the principles of parametric insurance and smart sensor technology. Our claims experience is proactive, fast and flexible. The benefit is reduced costs, quicker recovery and guaranteed business survival.
The defining moment for our claims service came during Storm Franklin this February. We paid one client in five hours and 36 minutes. We’d love to mark that achievement with an award.
What do you think makes your entry stand out or different from your competition?
Our claims are so efficient and fast that we inform clients of their loss before they’ve even had a chance to visit their property. The data from our smart sensors provides security and insight unlike anything else on the market.
These claims don’t just help clients in their recovery - they change their attitude to insurance as a whole.
What would winning this award mean to you and your firm?
It would be a huge moment for us. Having led the team that built the FloodFlash claims process from the ground up, it would be the perfect endorsement of our approach and our effort.
Beyond that though, just being recognised for the award proves that industry leaders like the category judges are embracing new and innovative solutions – contrary to what many outside of the insurance industry may believe.
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Read more on the Insurance Times Awards finalists here.