FloodFlash, the first insurance company to pay catastrophic flood claims as quickly as six hours after a flood, announced today the appointment of Mark Hara as CEO of North America.
Hara joins after an extensive search to lead the company’s expansion into the US insurance market, the world’s largest flood insurance market.
FloodFlash offers the world’s first parametric flood insurance to the general public. The one-of-a-kind coverage combines computer models, cloud software, and connected technology to provide flood insurance to those who have been overlooked by the insurance industry. Despite the prevalence of flood risk in the United States, less than 5% of small to medium-sized businesses have flood insurance.
FloodFlash raised an impressive $15 million Series A raise in the spring after a successful launch in the UK, with the intention of crossing the pond and closing the world’s largest flood protection gap. Hurricane Ian was a recent example of the flood insurance challenge in the United States. Experts estimate that total uninsured flood losses could reach $17 billion.
As CEO of North America, Hara is responsible for developing and executing the company’s U.S. go-to-market strategy, which will begin with commercial property in Florida, Virginia, Texas, Louisiana, and California. He will begin by assembling a world-class team and forging distribution alliances with brokers across the country.
Hara is a seasoned marketing and insurance executive who has managed multi-billion dollar brands at P&G and Nationwide. He has also led and exited two insurtech startups, Mylo and BoldPenguin, demonstrating his broad range of strategic leadership capabilities in the space, including go-to-market strategy, operations, product development, customer acquisition, and marketing. Hara is also committed to giving back and volunteers to support educational opportunities for young people.
“I am thrilled and honored to lead FloodFlash in North America and bring their game-changing parametric product to the U.S.,” said Mark Hara. “FloodFlash insurance will change the flood insurance market in a really positive way, and I can’t wait to grow our U.S. team and forge lasting broker partnerships.”
FloodFlash CEO and co-founder Adam Rimmer said of the hire: “I believe that parametric insurance is the best way to help people recover from catastrophic flooding. To do that FloodFlash needs to operate in the biggest flood market in the world. Mark’s extensive expertise in insurance, insurtech and product marketing give me no doubt that FloodFlash will help millions of American businesses find affordable coverage in the years to come.”
80% of the world’s catastrophic flood losses aren’t insured. That’s $58bn of uncovered damage, and it’s getting bigger each year because of climate change, population growth and urbanization. FloodFlash is an insurance technology company that combines computer models, cloud software and internet-of-things sensors into flood cover that protects those the insurance industry has left behind. FloodFlash is headquartered in London, is a registered coverholder at Lloyd’s of London and is authorized and regulated by the Financial Conduct Authority.