The hiring of Mark Hara is the beginning of FloodFlash’s journey to change the U.S. flood insurance market with mass market parametric coverage
NAPLES, Fla., Nov. 14, 2022 /PRNewswire/ — Parametric flood insurance company FloodFlash, the first insurance provider to pay catastrophic flood claims as fast as 6 hours after a flood, announced today the hiring of Mark Hara as CEO of North of America. After an extensive search, Hara joins to lead the company’s expansion into the U.S. insurance market, the biggest flood insurance market in the world.
FloodFlash provides the world’s first parametric flood insurance available to the mass market. The unique coverage combines computer models, cloud software and connected technology to provide flood coverage to those the insurance industry has left behind. Despite the prevalence of flood risk in America, fewer than 5% of small to mid-size businesses, carry flood insurance. After a successful launch in the UK, FloodFlash raised an impressive $15 million Series A raise in the spring with the intention to cross the pond and close the world’s largest flood protection gap. A recent example of the flood insurance challenge in the U.S. came with Hurricane Ian. Experts estimate that the total uninsured flood losses are as high as $17 billion.
As CEO of North America, Hara is charged with developing and executing the U.S. go-to-market strategy, initially launching for commercial property in Florida, Virginia, Texas, Louisiana, and California. He will begin by building a world-class team and solidifying distribution partnerships with brokers across the country.
Hara is a seasoned marketing and insurance expert with a proven track record in managing multi-billion dollar brands while at P&G and Nationwide. He has also led and successfully exited two insurtech startups, Mylo and BoldPenguin, displaying his wide range of strategic leadership capabilities in the space, which includes go-to market strategy, operations, product development, customer acquisition, and marketing. Hara is also passionate about giving back and focuses his volunteer efforts supporting 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.