Floodbase launches parametric flood quote API

Floodbase has launched a Quote API designed to automate and scale parametric flood insurance quoting workflows for insurers and MGAs.

According to the company, the API reduces quoting cycles for large area parametric flood coverage from weeks to instant workflows, allowing brokers to generate standardized quotes through integrated systems. Liberty Mutual is already using the API in broker workflows.

Floodbase said the API also enables carriers and MGAs to design geographically distributed parametric flood programs covering thousands of locations simultaneously, supporting products ranging from embedded insurance add-ons to reinsurance solutions.

Founded in 2017, Floodbase provides satellite and AI-driven flood monitoring technology used in parametric insurance products. The company has raised $17 million in funding from investors including Lowercarbon Capital, Collaborative Fund, and Ecosystem Integrity Fund.

Floodbase has worked with insurers and brokers including Liberty Mutual, Aon, Amwins, Burns & Wilcox, and Oneglobal on parametric flood insurance initiatives.