The owner of a holiday home next to the River Chater benefited from FloodFlash’s IoT-based parametric product
Parametric commercial insurance provider FloodFlash has this month (November 2022) broken its previous claims payment record of six hours, which it hit in February 2022 - now, however, the MGA has paid a customer’s claim in three hours and 50 minutes.
FloodFlash’s policies operate using a parametric model - this means that the MGA’s customers agree the depth of flooding that will trigger a claims payment, as well as the claims payment amount, at policy inception. An Internet of Things sensor is then installed at the insured property to monitor if the trigger depth is reached.
This sensor automatically sends readings to FloodFlash, providing the basis for initiating claims.
Adam Rimmer, chief executive of FloodFlash, said: “One of the ways that FloodFlash helps clients is by getting cash into the hands of those impacted faster than any other product on the planet.
”I feel proud of the whole FloodFlash team for delivering that experience to another customer at the time they need it the most.”
Importance of brokers
The customer that benefited from FloodFlash’s prompt claims payment is the owner of holiday home Watermill Apartment, which is situated next to the River Chater in Stamford, Lincolnshire - Rimmer’s hometown.
Following the property flooding in 2016, the business was initially unable to find affordable insurance to protect against future flooding until Joe Coverdale, director of broker Coversure - part of the Jensten Group - signposted the business to FloodFlash.
Coverdale said: “Even when faced with the most adverse risks, we always strive to deliver our client’s cover to ensure they are adequately protected.
“When it seemed impossible to find flood cover, FloodFlash quickly provided an affordable quote using [its] easy to use online platform, which - most importantly - satisfied our customer’s lender’s requirements.”