Floodbase, a leading provider of flood data and analytics, and Oneglobal, a re/insurance intermediary, have announced a strategic partnership to develop and distribute parametric flood insurance solutions across Asia. This collaboration aims to close the flood insurance gap in the region by offering innovative and cutting-edge insurance products.
Closing the Flood Insurance Gap
One of the primary goals of this partnership is to address the significant flood insurance gap in Asia. Despite the region being prone to devastating floods, many individuals and businesses still lack adequate insurance coverage. By leveraging their respective expertise and technologies, Floodbase and Oneglobal aim to develop parametric flood insurance solutions that can effectively manage flood risks and provide timely payouts to policyholders.
Combining Floodbase’s flood data and Oneglobal’s expertise
Floodbase brings unparalleled historical and near real-time flood data to the table, enabling accurate identification and assessment of flood risk. Oneglobal, on the other hand, boasts extensive experience and expertise in the re/insurance industry. By combining Floodbase’s flood data with Oneglobal’s re/insurance expertise, this partnership aims to create robust parametric flood insurance solutions that align with the unique needs of the Asian market.
Oneglobal’s first mover advantage
Through its collaboration with Floodbase, Oneglobal gains a significant first-mover advantage in utilizing advanced flood data and technology. This advantage allows Oneglobal to stay ahead of competitors in offering tailored flood insurance solutions to clients across Asia. By leveraging Floodbase’s flood data, Oneglobal can better assess flood risk and design insurance products that effectively address the needs of different industries and demographics.
Building innovative flood insurance programs
Together, Floodbase and Oneglobal strive to build programs that offer innovative solutions to natural catastrophe risk exposures impacted by flooding in Asia. Parametric insurance solutions, which provide timely payouts based on pre-agreed triggers such as a specific level of rainfall or flood depth, will be a key focus. By utilizing Floodbase’s flood data, this partnership aims to enhance the accuracy and efficiency of parametric insurance triggers, enabling faster claim settlements and a more streamlined insurance process.
Formed through Lloyd’s Lab
The strategic partnership between Floodbase and Oneglobal was formed through the prestigious Lloyd’s Lab, a global innovation accelerator. This collaboration highlights both companies’ commitment to embracing technological advancements and driving innovation within the insurance industry. By joining forces, Floodbase and Oneglobal are poised to transform the flood insurance market in Asia through their groundbreaking solutions.
Parametric Insurance Solutions
Parametric insurance solutions play a crucial role in addressing the challenges of flood insurance in Asia. These solutions offer policyholders the benefit of timely payouts based on pre-agreed triggers, eliminating the need for lengthy claim assessment processes. Floodbase’s flood data will be instrumental in accurately determining whether the pre-agreed triggers have been met, facilitating quicker and more efficient claim settlements. This approach enables policyholders to swiftly recover from the financial impacts of flood-related losses.
Addressing the issue of underinsurance in Asia
The collaboration between Floodbase and Oneglobal seeks to address the worrying issue of underinsurance in Asia. With floods being a common occurrence in the region, the lack of adequate insurance coverage leaves many individuals and businesses vulnerable to substantial losses. By developing innovative parametric flood insurance solutions, Floodbase and Oneglobal aim to bridge this insurance gap and ensure that more people and businesses have adequate coverage to protect themselves against flood risks.
Making an Impact in the Flood Insurance Market
By combining their unparalleled expertise, Floodbase and Oneglobal have the potential to make a significant impact on the flood insurance market in Asia. Through the strategic use of Floodbase’s flood data and Oneglobal’s re/insurance prowess, they can provide targeted and effective insurance solutions that address the specific needs of Asian businesses and individuals. This collaboration represents a new era of flood insurance, one that leverages advanced technology and data analytics to create more comprehensive, accessible, and timely coverage options.
The partnership between Floodbase and Oneglobal in developing parametric flood insurance solutions in Asia holds promise for the future of flood risk management in the region. By combining Floodbase’s flood data with Oneglobal’s re/insurance expertise, this collaboration aims to close the flood insurance gap and ensure that individuals and businesses have the necessary coverage to protect themselves against the financial impacts of flooding. Through innovation and a shared commitment to excellence, Floodbase and Oneglobal are poised to shape the future of flood insurance in Asia, bringing resilience and peace of mind to communities at risk.