Floodbase provides an AI‑driven platform that generates a real‑time flood magnitude index from 17 satellite and sensor data streams. The index enables parametric flood insurance products that automatically trigger payouts within days, covering business interruption, crop loss, and infrastructure damage. The system integrates via API with insurance brokers and carriers, allowing them to design, price, and issue custom flood coverage at scale.
Funding
$5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
EIFounders
Product
Problem
Businesses, municipalities, and agricultural operators often rely solely on property flood policies that do not cover revenue loss, crop damage, or disaster‑response expenses. Traditional flood insurance depends on coarse flood maps and slow claim adjustments, leaving a large portion of flood‑prone locations under‑insured and exposed to rapid financial disruption.
Solution
Floodbase offers an AI‑driven flood intelligence platform that enables the creation and distribution of parametric flood insurance products. By ingesting high‑frequency observations from seventeen satellite and sensor sources, the platform generates a flood magnitude index for any defined area. When the index exceeds a predefined threshold, the policy automatically triggers a payout within days, allowing insured parties to allocate funds as needed. The solution supports flexible product structures—including primary, excess, wrap‑around, and deductible‑buy‑down cover—to address business interruption, crop and land loss, disaster‑response costs, and infrastructure damage. Partnerships with brokers and carriers provide the underwriting expertise and distribution channels required to bring these new coverage options to market quickly and at scale.
Target Audience
The primary customers are insurance brokers and carriers that underwrite flood policies for businesses, municipalities, agricultural enterprises, and other flood‑exposed sectors seeking comprehensive, fast‑settling coverage.
Features
- Real‑time flood index derived from 17 observational data streams, providing sub‑daily spatial resolution and cloud‑cover resilience.
- Machine‑learning models that calibrate parametric triggers to local hydrologic conditions and policy specifications.
- Automated payout engine that settles claims in days without on‑site inspections or loss adjustments.
- API‑based integration for brokers and carriers to design, price, and issue custom flood products directly from their underwriting platforms.
- Modular coverage templates (primary, excess, wrap‑around, deductible buy‑down) that can be scaled to any budget or risk profile.
- End‑to‑end data pipeline hosted in the cloud, ensuring secure, auditable records of flood observations and trigger events.
- Support services for index design, monitoring, and policy administration to streamline underwriting workflows.