Floodbase and Liberty Mutual announced the launch of an instant quoting application for parametric flood insurance in the U.S., allowing wholesale and retail brokers to price parametric flood covers in minutes
Designed specifically for the U.S. market, Liberty’s pricing engine powered by Floodbase Platform’s new API, removes friction and increases the speed of a traditionally time-consuming and demanding quoting process.
Large-area parametric flood covers have reached a point of product maturity, with policies now transferring the risk of economic loss at global scale. As the U.S. demand for comprehensive flood risk management grows – driven by more frequent and intense flood events, rising National Flood Insurance Program premiums, and uncertainty around federal flood insurance – parametric flood is increasingly viewed as a viable complement to traditional property coverage, while also covering non-damage business interruption financial losses.
US flood risk continues to outpace private market capacity, said Floodbase. Two-thirds of modelled U.S. flood losses go underinsured.
Using a solution such as the instant parametric flood quoting application from Liberty, powered by the Floodbase API, brokers and MGAs can now bring the large-area parametric flood into automated quoting and rating workflows, making it viable to distribute at scale across small- and mid-sized commercial markets. The application makes flood policies easy to quote, simple to position, and low-effort to transact – while providing a differentiated parametric offering that was previously limited to complex, bespoke placements.
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