Insurtech Startup FloodFlash Raises £1.9M in Seed Funding

FloodFlash, a London-based insurtech startup, has raised £1.9 million in seed funding from LocalGlobe, Pentech Ventures and InsurTech Gateway. The company, co-founded by Adam Rimmer and Ian Bartholomew, aims to make flood insurance accessible to all, even those with high flood risk, through a tech-led approach.  The funds will be used to expand their nationwide rollout, currently in a pilot phase with SMEs in flood-prone areas. The company is regulated by the FCA and works with Everest Re through their syndicate at Lloyd's of London.

FloodFlash Secures £1.9M Seed Funding to Expand Flood Insurance Access

FloodFlash is a London-based insurtech startup that offers a new way for customers to insure flood risk. They have developed a tech-led approach that makes flood insurance available to everyone, including those with the highest flood risk. A FloodFlash policy pays out a pre-agreed, fixed sum as soon as a pre-defined level of flooding occurs. The flood triggers an internet-connected water-sensor and the payment is made immediately to the policy holder. The FloodFlash policy is an example of parametric or “event-based” insurance: settlement is made based on a pre-defined triggering event as opposed to the cost of damages.

FloodFlash provides a tech-led approach to flood insurance, paying out a fixed sum upon a pre-defined flood level, triggered by an internet-connected water sensor.

7 years ago

FloodFlash Secures £1.9M Seed Funding to Expand Flood Insurance Access

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