Insurtech Pays Out Parametric Flood Claim In Record Time

Flood risk insurtech company FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, has beaten its own record on rapid claims payment, paying out to one policyholder within ten hours for the impacts of flooding during UK storm Christoph.

FloodFlash highlighted its new catastrophe claims payout record today, saying that the fastest claim took just 9 hours and 44 minutes from the property flooding to the policyholder receiving the full settlement in their account.

FloodFlash’s sensors began to detect flooding on Wednesday 20th January, triggering claims across the country.

FloodFlash validated the claims rapidly, using data provided by the sensors, and paid them soon after, with claims payments automated and no on-site assessment required.

In many cases clients received the money on the same day that their property flooded, which FloodFlash notes is a world first in catastrophe insurance.