3 years ago

FloodFlash Secures £11 Million to Expand IoT-Based Flood Insurance Globally

  • IoT insurtech firm FloodFlash has raised £11 million in a Series A funding round led by Buoyant Ventures and Munich Re Ventures

  • The company plans to use the funds for international expansion, targeting markets like the US, Germany, Australia, and Japan

  • FloodFlash offers parametric flood insurance using IoT sensors to detect flooding and automatically trigger payouts based on pre-agreed terms.

      • ProblemFinancial Services

      "Around 80% of the world's catastrophic flood losses aren't insured, resulting in billions of dollars of uncovered damage. This is exacerbated by climate change and population growth, which are increasing the risk of flooding."

      Solution

      "FloodFlash offers parametric flood insurance using IoT sensors. When a sensor detects floodwater at a pre-determined depth, it triggers an automatic payout within 48 hours, eliminating the need for lengthy claims processes and providing rapid financial support to policyholders."

      Covered on