Re/insurance broker Gallagher has announced a new partnership with insurtech start-up FloodFlash, which will enable it to provide a parametric flood insurance policy to its UK clients.
The parametric policy means claims will be settled based on a pre-defined trigger point, rather than through the traditional assessment of the cost of damages.
In the event of a flood, a pre-agreed settlement figure will be paid when the water depths exceed a chosen threshold.
Founded by Ian Bartholomew and Adam Rimmer, FloodFlash has already issued millions of pounds worth of cover for commercial property across the UK.
“Thousands of organisations across the UK are open to devastating costs from floods,” said Rimmer. “We’re proud to partner with Gallagher and bring rapid-payout insurance to businesses and landlords across the UK. “
He continued: “The adoption of new insurtech products like FloodFlash shows Gallagher’s commitment to bringing innovative cover options to its customers. With this partnership we are better placed to provide cover to the people that need it most.”
James Murray, Branch Director, Leeds at Gallagher, also commented: “With the increasingly unpredictable weather, many UK businesses are likely to find themselves increasingly exposed to the risk of flooding. The good news is that there are solutions to help, even for difficult to insure businesses.”
“Through our partnership with FloodFlash, we can offer our clients an innovative, technology-led solution, helping organisations obtain flood insurance in high risk areas.”