Huntingdon, UK, 17th August, 2020: Polygon UK, the market leader in property damage prevention and restoration, has today announced an exclusive partnership arrangement with FloodFlash, the parametric commercial insurance provider.
The partnership will give FloodFlash customers access to a full-service solution from pre-loss mitigation and value of risk assessment, through to restoration of flood-damaged property and flood defence installation.
FloodFlash offer a unique form of parametric cover. In this new approach, clients select a depth of flooding to insure and a payout for when that depth is reached. FloodFlash installs an internet-connected sensor which measures flood depth data at the insured property. When flood water reaches the pre-agreed depth, FloodFlash organises payment within 48 hours.
In the event of a claim, customers will be referred to Polygon with the option to employ its best in class restoration services, returning the customer’s business to trading as quickly and cost effectively as possible.
The pre-loss mitigation service allows customers to take advantage of Polygon’s expertise and experience by identifying key flood risks and trading priorities. Technicians can also advise on the appropriate level of cover and the ideal location and height of the sensor. The service extends to the installation of effective defences at any point during the policy period.
Richard Done, Commercial Operations Director at Polygon UK commented “Never a company to standstill, we are focused on leading the industry, and determined to drive transformation. This partnership represents an exciting development in the evolution of the damage management sector. We have invested heavily in IoT solutions for several years now and recognise that property damage prevention will be a major part of our business moving forward. The partnership agreement with FloodFlash is a result of our years of service development and our commitment to work in partnership to deliver better outcomes for customers.”
“The average FloodFlash claim is paid in full within 48 hours of the loss.” commented Adam Rimmer, co-founder at FloodFlash. “This partnership will capitalise on those rapid payments, giving clients access to Polygon restoration experts as soon as the claim is paid. This speed is so important because it mitigates the risk of long-term damage from mould, lowers the impact of business interruption and reduces stress during a difficult time for any business. Together we are in a great position to make sure that UK businesses can prepare for, and recover from, even the worst losses.”
Polygon is a Global Expert and the European market leader in Property Damage Control. On 3 continents and in 16 countries, our 4.500 service professionals prevent, control, and mitigate the effects of water, fire, and climate. Our innovative and tailor-made solutions combine people, knowledge, and technology for a wide range of customer segments. For more information visit https://www.polygongroup.com/en-GB/
FloodFlash is a new type of rapid-payout flood insurance. It uses the latest in data modelling and connected tech to bring parametric insurance to the mass market for the first time. The result is fast, easy and flexible cover that pays claims within days of a flood. FloodFlash is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority. For more information visit https://floodflash.co/
Tel: 00 44 (0)1303 262101
Watch this interview with Adam Rimmer, Co-founder of FloodFlash and Richard Done, Commercial Operations Director, Polygon UK as they discuss the market drivers around parametric insurance and the synergies that resulted in this new partnership taking place.
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