reThought Flood is an InsurTech MGA providing specialized flood insurance solutions through a technology-driven underwriting platform. They offer transparent, risk-based pricing and tailored coverage for residential, commercial, and specialty properties, aiming to close the flood protection gap for insurance brokers.
Funding
$300K 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.
RFounders
Product
Problem
Many property owners and businesses face challenges obtaining adequate flood insurance, contributing to a significant protection gap. Traditional insurance markets often struggle to provide comprehensive coverage for diverse risks, particularly for specialty or hard-to-place properties. This leaves clients vulnerable to substantial financial losses during flood events.
Solution
reThought Flood operates as an InsurTech Managing General Agent (MGA) specializing in flood insurance solutions. Leveraging a proprietary, technology-driven underwriting platform, the company offers transparent, risk-based pricing across residential, commercial, and specialty property segments. This approach aims to provide brokers with the tools and capacity to confidently offer robust flood coverage, thereby addressing the existing flood protection gap. The company emphasizes a consultative underwriting process, ensuring tailored solutions for a broad spectrum of risks.
Target Audience
The primary target audience includes insurance brokers and agents seeking specialized flood insurance solutions for their residential, commercial, and specialty property clients.
Features
- Technology-driven underwriting platform utilizing advanced data analytics and AI for risk assessment.
- Patent-pending approach employing multiple risk modeling techniques for enhanced accuracy.
- Development of proprietary Flood Resilience Scores (FRS) based on building-specific data.
- Capacity for high aggregate limits on buildings, contents, and basement contents.
- Coverage options including loss of use, debris removal, and increased cost of construction.
- Tailored solutions for residential, commercial, and specialty property risks.
- Dedicated underwriting teams providing consultative support and risk analysis.
- Quote turnaround times of 24-72 hours for most commercial accounts.
- "A" rated capacity providers ensuring high-quality coverage.
- Flood zone agnostic underwriting with case-by-case risk analysis.