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July 5 2023

Adam Rimmer – How Does FloodFlash Balance The Need For Speed

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FF news spoke with Adam Rimmer, Co-Founder and CEO at FloodFlash, about how they manage increasing customer demands for faster payment processes.

FloodFlash is an insurance company that utilises smart sensors and parametric insurance to provide fast and accurate payouts to policyholders in the event of a flood, revolutionising the way insurance is offered and claims are processed for flood-related damages.

“We have responsibility, it is a regulated business in terms of anti-money laundering checks, sanctions checks. We also want to make sure that there’s no element of fraud going on. That’s one of the things that the signatures of floods from the sensor and other sensors in our network allow us to confirm before any of these payments are made.”

“It’s important to consider where the value comes from in increasing the speed. That is: reducing the claim time from 4 months to, as we did on the 22nd November last year, 4 hours. Reducing it from 4 hours to 4 seconds is cool and we generate headlines when we do that, but actually, that doesn’t make any difference to whether the business survives or not. So the value we deliver is cutting it from months to days or months to hours rather than hours down to the minutes and seconds.”

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Adam Rimmer | Fintech Finance

Adam Rimmer

FloodFlash

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FloodFlash | Fintech Finance

FloodFlash
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