FloodFlash is an MGA offering a parametric flood insurance product.
“FloodFlash provides customers with a proprietary sensor to install at their property. If water reaches a certain level, it automatically pays out a cash ‘settlement’.
Customers can choose their settlement level and the depth at which it is triggered. The parametric trigger makes this a low-cost business model: once claims are verified by matching sensor data with external data sources, there is no need for any further claims service as damage does not need to be proven, quantified or rectified by the insurer.”