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Floodbase and Liberty Mutual Unveil Instant Quoting for Parametric Flood Insurance

Floodbase, a leading platform in flood risk insurance solutions, alongside Liberty Mutual, has launched a groundbreaking instant quoting application aimed at the U.S. commercial insurance market. This revolutionary tool enables wholesale and retail brokers to obtain quotes for parametric flood insurance within minutes, significantly improving the efficiency of the quoting process.

Traditionally, obtaining quotes for flood insurance has been a lengthy and cumbersome task, often fraught with challenges. However, with this new application, brokers can navigate the complexities of flood risk assessments rapidly. The integration with Liberty Mutual's pricing engine, enhanced by Floodbase's innovative API, marks a significant shift in how flood coverages are priced and delivered, catering specifically to the high-demand small and mid-sized commercial sectors.

The development of this parametric flood coverage solution comes at a crucial time. As the frequency and intensity of flooding events increase—coupled with rising premiums from the National Flood Insurance Program—businesses across the U.S. are increasingly seeking efficient, comprehensive risk management solutions. The new application not only addresses this need by reducing the time taken for quotes but also allows for adaptability in coverage options, bridging protection gaps in traditional policies.

In recent years, a staggering two-thirds of modelled flood losses in the U.S. have gone underinsured, highlighting the necessity for scalable private market solutions. The instant parametric flood quoting application from Liberty Mutual addresses this challenge by enabling brokers to efficiently offer large-area flood coverage, streamlining the previously labor-intensive process.

Jean-Christophe Garaix, head of Parametrics Agriculture at Liberty Mutual, emphasizes the importance of this advancement, stating, “This collaboration enables us to respond to evolving flood risk with faster, more adaptable solutions. It offers the same level of coverage—just delivered much more rapidly and with far less friction.” The application equips brokers to customize flood coverage options for their clients instantly, enhancing both client experience and operational efficiency.

Bessie Schwarz, CEO and co-founder of Floodbase, added, “Parametric flood coverage can effectively manage risk and address protection gaps for small and medium businesses. However, to achieve this, it requires rapid distribution at scale.” Their partnership has enabled this swift distribution model, allowing brokers to incorporate parametric flood options into their own quoting processes seamlessly.

This shift is transformative for the commercial insurance landscape, as it opens up new possibilities for flood risk management. Floodbase's technology allows any insurer to embed parametric flood coverage directly into their workflows, significantly enhancing quoting capabilities across diverse segments of the market.

As partners in innovation, Floodbase and Liberty Mutual are tackling the pressing issue of underinsurance in the context of increasing flood risks. By optimizing the quoting process, they are not only accelerating the delivery of essential insurance products but also ensuring that businesses are equipped with the protections they need in an increasingly uncertain climate.

Floodbase has positioned itself as a critical resource for understanding and managing flood risks, driven by over a decade of engineering and scientific advancement. Collaborating with renowned re/insurers, including Swiss Re Corporate Solutions and AXA Climate, the company is committed to protecting economic interests against previously uninsurable flood-related losses. As Liberty Mutual continues its mission of providing comprehensive insurance solutions, the integration of such advanced technologies signifies a new era for flood insurance, where both speed and accuracy are paramount.

For insurers, brokers, and businesses alike, the introduction of this instant quoting capability heralds a more responsive, efficient, and secure approach to flood risk management.