Business News: FloodMapp, Ironshore, Sedgwick
FloodMapp, a firm founded in Brisbane, Australia that provides predictive flood modeling, will soon offer its product in Texas and Florida.
The company said in a press release that FloodMapp uses a proprietary technology to produce flood models using rainfall and river height data. The product allows users to visualize the expected extent of flood inundation on a live, high-resolution, interactive map, the company said in a press release.
Chief Executive Officer and co-founder Juliette Murphy said FloodMapp makes flood models available in “seconds or milliseconds, rather than taking more than 24 hours, which the traditional industry standard 2D models often need to run.”
FloodMapp said it has already run a proof of concept with one of the largest U.S. insurers, which the company did not identify.
“They confirmed that our accuracy was comparable to industry standard models, our resolution was much better and our speed was magnitudes faster than anything else they had ever seen, which is vital for the businesses we partner with,” Murphy said in prepared statement.
FloodMapp said Google has also done some development work on predictive mapping, but its models showed about 70% accuracy with resolution of 300 meters, compared to FloodMapp’s 90% accuracy with resolution at 15 centimeters. That level of accuracy allows insurers that use FloodMapp to easily validate claims rather than sending adjusters to every home, the company said.
The company also sells a hazard mapping product that allows underwriters to determine the flood risk of risk of particular properties or areas.
Murphy, who is a water resources engineer, developed the technology with Chief Technology Officer Ryan Prosser, a full-stack developer, the company said. FloodMapp has received $1.3 million in capital from six key investors, the company said.
FloodMapp will demonstrate its products during the InsurTech Connect conference in Las Vegas Sept. 23-25.
Ironshore Environmental announced the launch of a smart phone app that gives risk managers access to claims adjusters immediately after receiving notice of an environmental incident.
The IronResponse app includes tools that provide incident history, assistance with required regulatory reporting and communication with Ironshore environmental consultants, the Liberty Mutual subsidiary said in a press release.
The app is equipped with geo-location technology that reports the latitude and longitude coordinates of an incident with accuracy of within three to give meters, Ironshore said.
“Quick response and damage mitigation are synonymous with sound, effective environmental risk management,” stated Tom Duggan, chief claims officer for Ironshore Environmental. “Swift event reaction and expert remediation are important to the risk manager’s bottom line, as well as to the insured’s reputational risk.”
The app will be provided to every Ironshore Environmental policyholder, the New York City-based carrier said. The phone app activates an instantaneous connection with a call center
to identify the account, thereby reaching an Ironshore claims manager in less than five minutes. IronResponse also houses an alert distribution list that automatically notifies the insured’s designated business partners, including insurance brokers and underwriters, the carrier said.
Sedgwick has completed its previously-announced purchase of York Risk Services Group, a claims administrator and risk pool manager based in Jersey City, New Jersey.
Sedgwick in a press release that York’s customized claims solutions and specialized expertise “complement and enrich its market capabilities.” The acquisition brings to Sedgwick approximately 5,000 employees, bringing Sedgwick’s total employees to 27,000 in 65 countries.
“The York acquisition marks another milestone in our storied half-century of growth,” said Sedgwick president and CEO Dave North, referencing the company’s 50th anniversary in 2019. “Joining forces with York enhances Sedgwick’s position as a global industry leader.”
As part of the transaction, entities controlled by Onex Corp., an investment manager founded in 1984 that owned York, are rolling their equity into the combined business and join Sedgwick’s shareholder group as a minority investor, Sedgwick said.