FloodFlash

Enlisting a smart sensor, FloodFlash can detect when waters have exceeded a critical depth and trigger a pre-agreed settlement to instantly compensate the insured(s).

The events-based insurance uses an IoT sensor placed inside a commercial property which is able to recognise and record with real-time data feedback when a flood has reached a pre-agreed level, at which point FloodFlash can compensate the customer a fixed amount. Once payment has been received, there are no restrictions on what the money is used for. FloodFlash is capable of paying out compensation within a day; in early 2020, the company compensated a number of UK-based customers in one day after Storm Ciara triggered severe flooding in many parts of the UK and Europe.

Towards the end of 2017, it was announced that FloodFlash would be a part of Insurtech Gateway, a newly launched accelerator aimed at supporting the world's most promising tech startups. In 2019, FloodFlash joined the third cohort of Lloyd's Lab.

In early 2020 Gallagher announced it was to start selling FloodFlash's parametric insurance.

In September 2020 FloodFlash launched FloodFlash+, offering its customers a detailed consultancy arm and a product designed for flood premiums range from £20k-£1m annually.

In February 2022 FloodFlash announced a $15M Series A raise. The new investment comes only three months after FloodFlash forged a new insurance capacity partnership with Munich Re. The company will use the funds to fuel its international growth to address the global flood protection gap of $58B flood protection gap.

In June 2022 FloodFlash launched Smart Quote for brokers, which will help provide tailored quotes based on inputted client data and ensure payouts better correlate with losses. Smart Quote is said to be FloodFlash's biggest update to its broker platform since the business entered the parametric insurance market in 2019. 

Later during November 2022 the company expanded into the United States and appointed Mark Hara to develop and implement a go-to-market strategy for commercial property in Florida, Virginia, Texas, Louisiana, and California. 

In March 2023 Munich Re Syndicate extended its partnership with FloodFlash which first began in 2020. 

In June 2023 FloodFlash partnered with EPIC Insurance Brokers & Consultants, a San Francisco-based broker, and risk management and consulting firm. Following FloodFlash’s launch in the US and subsequent opening for business in California, the company says the partnership cements its commitment to providing additional flood insurance options to businesses in the Golden State who might otherwise be left in the underinsurance or reinsurance gap.