Parametric platform Floodbase said it has unveiled its Floodbase Quote API to enable insurers and MGAs to reduce manual quoting cycles into workflows that dramatically accelerate distribution and offer new portfolio flood solutions for the historically underserved U.S. flood market.
Floodbase said the bespoke and manual nature of large-area parametric flood quotes has restricted underwriting capacity and brokers’ ability to serve small- and mid-sized markets, leaving significant value on the table. Clients remain exposed to significant flood protection gaps, brokers are unable to service their entire book, and carriers have left substantial premium untapped.
With the Floodbase Quote API, carriers can equip brokers with tools to instantly generate standardized quotes for parametric flood covers. New, automated quoting and rating workflows make it viable to distribute at scale across small- and mid-sized commercial markets.
This expansion of the Floodbase Platform also unlocks entirely new parametric flood products previously limited by a manual, location-by-location design process. For the first time, insurers can partner with Floodbase to design large, geographically distributed portfolio solutions – from embedded add-ons to reinsurance solutions.
Growing demand for comprehensive flood risk management in the U.S. – driven by more frequent and intense events, rising NFIP premiums, and uncertainty around federal coverage – is accelerating interest in parametric flood, Floodbase said.
Related: Liberty Mutual, Floodbase Partner on Parametric Flood
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Flood
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