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Parametric technology company FloodFlash made payments to policyholders affected by the Storm Christoph floods, in many cases on the same day as the flood.
The fastest claims took just 9 hours and 44 minutes between flooding the property and the customer receiving full settlement on their account, which FloodFlash says is a new record for disaster claims.
Storm Christoph is the third named storm of the year and has brought widespread rain, snow and flooding across the UK.
PwC analyzes estimate that insurance industry losses from flooding could vary between £ 80m and £ 120m.
IoT FloodFlash sensors began detecting flooding on Wednesday 20, triggering claims over parametric policies across the country, which are based on a previously agreed flood depth.
According to insurtech, it also set the previous record for the fastest real estate flood claim after Storm Ciara in February 2020, at 26 hours and 15 minutes.
“During a time of great financial stress for businesses around the world thanks to COVID, getting money to customers quickly has never been more important,” said Adam Rimmer, co-founder of FloodFlash.
“FloodFlash sets the standard for fast and transparent claims payments. We reduce the time to resolve a disaster claim from months to hours. In doing so, we reduce customer uncertainty, claim values and insurer costs. This is the future of insurance ”.
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