FloodFlash, an InsurTech offering parametric flood insurance, has signed an agreement with Munich Re.
The deal initially started with Munich Re providing capacity for FloodFlash+, which serves large and complex risks. Munich Re has now taken the lead role in providing capacity for the principle FloodFlash business that provides rapid-payout flood cover for SMEs and landlords.
This partnership provides a platform for international expansion and increases the cover limits available to the InsurTech in the UK. It gives FloodFlash access to advanced underwriting and innovation support.
With the support of the deal, FloodsFlash hopes to provide more quotes across the UK and enter new markets, including the US, Germany and Australia.
Speaking on the partnership, FloodFlash CEO Adam Rimmer said, “We couldn’t be happier in growing our relationship with Munich Re. They have a proven track record for supporting innovative products. Their pedigree in the parametric insurance space makes us even better suited.”
“This partnership will ensure we can move faster and provide more flexible covers to our customers and provide a springboard for international expansion. We will set the standard for how underwriters and InsurTechs can work together to address industry issues, starting with the $58bn yearly global flood underinsurance problem.”
FloodFlash hopes to make flood insurance available to everyone. The company has a smart sensor installed into a policyholder’s home, which can measure the flood depth in a property and can typically process a claim within 48 hours.
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