FloodFlash is the primary insurance coverage expertise firm to supply sensor-enabled parametric flood insurance coverage and Hiscox is already energetic within the flood insurance coverage market.
Moreover, as a capability supplier for FloodFlash, Hiscox will help the necessity for parametric disaster cowl. They each be part of Munich Re whose parametric experience Hiscox will complement with market-leading information of launched flood merchandise within the US.
FloodFlash is out there each state within the US, the nation with the biggest flood safety hole on this planet.
As well as, within the UK, the place the agency launched, FloodFlash has set data for the quickest property flood declare payout.
FloodFlash head of main accounts and capability administration Richard Coyle stated: “We’re delighted to bolster our US capability with a provider that has such experience within the US flood market. This new partnership with Hiscox represents one other key endorsement of the FloodFlash strategy and, along with Munich Re, we’ve the perfect provider workforce supporting us as a parametric flood insurance coverage supplier. In response to extraordinary demand since our launch in January, this extra contemporary capability will allow us to proceed offering compelling protection choices for distressed companies that will in any other case be confronted with retaining uncomfortable ranges of flood danger.”
Hiscox London Market’s different danger underwriter, Tom King, commented: “FloodFlash has taken an revolutionary strategy to the problem of flood underinsurance within the US, and we’re excited to increase our important current US flood footprint via their distinctive parametric product. The mixture of innovation and experience that this partnership represents is one which we consider can go some method to addressing the flood protection hole that at present exists within the US.”
