The solution allows wholesale and retail brokers to price parametric flood covers in minutes using Liberty’s pricing engine, powered by a new Floodbase API. The tool targets the high-volume small to midsized commercial market, where speed and operational efficiency are essential, removing friction from what has traditionally been a demanding quoting process.
Liberty Mutual head of Parametrics & Agriculture Jean-Christophe Garaix said, “This collaboration enables us to respond to evolving flood risk with faster, more adaptable solutions. It’s the same coverage — just delivered faster and with far less friction, enabling the brokers to effectively explore and customize a client’s flood coverage in seconds before even emailing an underwriter. That not only improves the client and distribution experience, it enables us to respond to evolving flood risk with novel parametric products for small-and-medium market segments.”
Floodbase co-founder and CEO Bessie Schwarz said, “Parametric flood can be an effective risk management instrument bridging protection gaps in traditional policies for small-and-medium businesses in the US – but that requires rapid distribution at scale.
“Liberty’s new instant parametric flood quoting solution solves that, giving U.S. brokers and MGAs the flexibility to embed rapid parametric flood cover into their own quoting environments, enabling scalable distribution across small- and mid-market segments.” This is enabled by the new API that Floodbase has developed and launched to enable any (re)insurer to embed parametric flood directly into quoting and rating workflows. To learn more, contact Floodbase.
