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Adam Rimmer – Technology On The Payments Side
Adam Rimmer, Co-Founder and CEO at FloodFlash, provides insight into how FloodFlash uses technology on the payments side.
FloodFlash is a company that offers parametric flood insurance, using smart sensors to provide fast and fair payouts to policyholders in the event of a flood, revolutionising the insurance industry.
“We’ve developed a tool called ‘smart quote’ that brokers can use and that helps them, alongside their clients, to think about the right things and set the right trigger depths and payout amounts for their customer.”
“Because we’ve agreed that [the payout depths] upfront , the only thing that we and Martin [a FloodFlash customer] need to know to trigger that payment is ‘Has water hit that depth?’ and that’s what the sensor allows us to do. So the smart quote helps set the payout depths. The sensor relays that triggering parameter to us or whether the parameters reach that trigger. That then allows us to release the payment, save businesses, save livelihoods and make sure people recover from catastrophe.”
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