Recorded during our InsurTech Insights USA 2023 conference coverage, this interview left us so inspired that we couldn't wait to share the full recording with you. Welcome to a BONUS episode of Awkward Insurance! In this episode, we dive deep into the world of Parametric Insurance with guest, Adam Rimmer from FloodFlash. Join Adam and Dustyne, as they discuss the intricacies and mechanics of insuring flood risk using parametric insurance. Shedding light on what parametric insurance is and how it enables rapid assessment of occurrences, providing swift financial relief to clients during challenging times. The property insurance market is facing a crisis, with narrowing options, increasingly stringent underwriting practices, and the potential for more restrictions looming on the horizon. That's why discussions around parametric insurance are so critical. Could this innovative solution be the answer for clients who are grappling with larger deductibles, targeted exclusions, or the need for affordable insurance that offers them peace of mind?
Adam Rimmer first saw the potential of parametric insurance while working at RMS, the world’s largest catastrophe modeling firm. Whilst there, he and co-founder Ian Bartholomew structured and modeled triggers on over $2bn of parametric insurance products and catastrophe bonds to protect governments and large corporations in the US and around the world. They are now using those same principles on a scalable platform. The result is FloodFlash, the first sensor-based parametric flood solution set to provide affordable cover to the businesses, corporations, and communities that need it most.