FloodFlash is a London-based parametric insurance technology company that combines computer models, cloud software and internet-of-things sensors to provide flood cover. Customers select a flood depth and payout amount for their policy; when flooding reaches the chosen depth the policy pays out, typically within 48 hours. The company is a registered coverholder at Lloyd’s of London and is authorised and regulated by the UK Financial Conduct Authority. Led by CEO Adam Rimmer, FloodFlash raised $15m in a Series A to fund growth. The company intends to use the proceeds to accelerate international expansion, targeting the US, Germany, Australia and Japan. FloodFlash offers event-based, parametric flood insurance: an internet-connected water sensor triggers an automated payout of a pre-agreed fixed sum as soon as a predefined flood level occurs. A slice of the premium pays for the sensor plus FloodFlash's automated underwriting and claims services. The startup is regulated by the UK Financial Conduct Authority and is running a live pilot with a select group of SMEs in parts of the UK, including Carlisle. Insurance capacity for FloodFlash policies is provided by Everest Re through their syndicate at Lloyd's of London. Founders Adam Rimmer and Ian Bartholomew developed the product after studying parametric catastrophe bonds to make similar benefits available to SMEs. FloodFlash has been working as part of the InsurTech Gateway incubator since mid 2017.

Total raised

$17M

Funding rounds

2

Latest round

Series A

Latest activity

Feb 2022