STAND NUMBER: A13
True Flood Risk
Floods lead all natural disasters in terms of economic loss & the number of affected people worldwide each year.Yet only a small percentage of property owners have flood insurance.
Historically, flood insurance premiums have been based on assumptions or outdated flood maps. Additional individual property-level data is needed to properly assess flood risk. Today, True Flood Risk resolves this global industry-wide issue by providing accurate, affordable & instant property data without an on-site visit.
Using proprietary ML/AI tools such as object detection & available via an API, our flagship solution calculates the first floor elevation (FFE) of a property, the leading indicator of flood risk next to flood zone. B2C users can look up an address for free & connect with insurance professionals. For enterprise users such as insurers, FFE data helps with underwriting risks, expediting new quotes, comparing post-event claims losses & preparing for incoming flooding events.
True Flood Risk data insights also help government agencies and municipalities improve flood risk mitigation measures by mapping out areas that are exposed to accumulated flood risk - concentrated areas with properties that are on average below base flood elevations (BFE).
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