FloodFlash

A London insurtech that sells flood insurance for businesses which pays out automatically when a sensor detects water above a set level.

About FloodFlash

FloodFlash sells flood insurance that works differently from the traditional kind. A small internet-connected sensor is placed on the customer's property, and if water rises above an agreed level, the policy pays out a pre-agreed sum straight away, without lengthy paperwork. This is called parametric insurance. It began with small policies for UK small businesses and is expanding into the US and larger corporate cover through FloodFlash+. It uses its sensor readings and its own algorithms to help set prices as well as to trigger claims, so data sits at the heart of the product. The idea is that a business hit by a flood gets cash quickly to start repairs.

The founders are Adam Rimmer, now chief executive, and Ian Bartholomew, chief scientist, who started the company in 2017 after years of modelling and structuring catastrophe bonds. They aim to make flood cover affordable and accessible to businesses, including those in the highest-risk areas, and Rimmer has said the goal is to make the world more resilient to catastrophic events. A careers-site profile says its mission is to make event-based cover available to everyone.

FloodFlash is based in London, with an address at East Tenter Street in Whitechapel on a careers-site profile. It is regulated by the Financial Conduct Authority, and its early pilot ran with small businesses in flood-prone parts of the UK, including Carlisle. Its cover is backed by capacity from Everest Re through its Lloyd's of London syndicate. The profile gives a team size of 21 to 100 people, which is a third-party estimate.

The pages we could read did not describe the company's values or culture, so we do not list any. What they do show is a small, science-led team that blends insurance, data and hardware, and the profile lists company share options for UK and US staff. Chief scientist Ian Bartholomew holds a PhD, a reminder that scientific training is valued here. In 2018 the company said it planned to double a team of five within six months, which shows how early its story is. Its capacity partner, Everest Re, provides the insurance backing through its Lloyd's of London syndicate, so the team works closely with the wider London insurance market.

A company like FloodFlash employs underwriters and actuaries, data scientists and flood modellers, hardware and software engineers who build the sensors and platform, customer and claims teams, and sales and marketing staff. The mix of climate, data and insurance makes it a good fit for people interested in science and in practical responses to climate change.

What they do

• {'desc': 'A sensor triggers a fast, pre-agreed payout when water reaches a set height.', 'title': 'Parametric flood insurance'}
• {'desc': "Internet-connected devices placed at the customer's property.", 'title': 'Flood sensors'}
• {'desc': 'Larger cover for corporate customers.', 'title': 'FloodFlash+'}

Key facts

• Founded in 2017 by Adam Rimmer and Ian Bartholomew (Welcome to the Jungle; UKTN)
• London base in Whitechapel (Welcome to the Jungle profile)
• FCA regulated; capacity from Everest Re at Lloyd's (UKTN, 2018)
• Expanding into the US and larger corporate cover (profile)

Website: www.floodflash.co