“Flood Resilience Score” Technology from
reThought Insurance Garners Prestigious National Award
reThought Insurance, the technology-centric underwriting agency focused on US flood risks, is delighted to have received a Business Insurance 2023 Innovation Award at a gala ceremony in New York yesterday. reThought was honored for its Flood Resilience Score (FRS) technology, which measures the flood vulnerability of individual buildings, as part of its unparalleled top-down, bottom-up underwriting process.
reThought is deploying innovative modeling technology to close the US flood protection gap and build a sustainable private flood insurance market. Every building in the contiguous United States where data is available – more than 90% – has been assessed, and assigned a Flood Resilience Score between 1 and 1000. The scores show clearly the dramatic variability in their vulnerability to flood, even for adjacent buildings. FRS underlines why zip-code underwriting and single-model assessment must become a thing of the past.
Alongside reThought’s patent-pending ModelConvergence technology, which combines the outputs of various vendor models to produce a highly granular, proprietary, view of flood risk, reThought’s groundbreaking FRS measurement tool is at the vanguard of a flood-insured USA.
FRS provides risk managers with clear, intuitive benchmarking that shows how they may improve their flood resilience. It delivers a measure of the impact of proposed or implemented flood risk management investments and initiatives. Just as positive feedback improves a credit score, so too does good risk management improve a facility’s Flood Resilience Score. Since 98% of US counties have experienced floods since 1996, the advance benefits everyone.
Flood Resilience Scores allow for risk-pricing that reflects the actual risk faced by every property, and therefore facilitates long-term capacity profitability and the ability of private insurers to meet market demand in a sustainable and useful way. FRS allows risk managers and insurers alike to assess flood risk with confidence.
Cory Isaacson, Chief Executive and Founder of rethought Insurance, says: “We are thrilled to have achieved this recognition from the judging panel. The use of data and technology is dramatically and continuously improving the insurance sector’s ability to understand risk. It’s a period positively bursting with innovation. That means being chosen as a recipient of this award at this time in the history of insurance technology development is a real achievement. It provides another vote of confidence in the work we are doing to make flood risk a profitably insurable peril for everyone.”
Check out some fun moments at the awards ceremony below!