RISE Resilience Innovations has declared the winners of the 2023 Flood Insurance of the Future Challenge. With the growing threat of rising sea levels and an inadequate national flood insurance strategy, there is a pressing need for improved solutions for homeowners, businesses, and renters. The Flood Insurance of the Future Challenge aimed to discover innovative approaches to decrease flood insurance premiums and payouts by 50%.

The winners of the challenge are:

  1. True Flood Risk: This innovative platform uses its online risk management software to instantly estimate building structural height, generate flood risk reports, and offer cost-benefit mitigation strategies. True Flood Risk’s solutions can be applied to over 205 million properties worldwide, accelerating climate resilience efforts.
  2. National Flood Experts: Specializing in flood risk analysis and cost-saving solutions, National Flood Experts provides invaluable insights into flood risk management and mitigation.
  3. Plover Parametrics: This company assists carriers and brokers in bringing new parametric insurance products and endorsements to market faster and more affordably through cutting-edge software solutions.
  4. reThought Insurance: As an insurance innovator, reThought Insurance has developed a proprietary flood underwriting methodology and risk assessment technology, which aims to significantly increase the uptake of flood insurance across the industry.
  5. Ric: By offering micro-parametric insurance solutions, Ric helps build resiliency and provide underserved communities access to catastrophic rainfall flood insurance at scale.

These winners represent the vanguard of innovation in the flood insurance sector, paving the way for a more resilient and sustainable future in the face of climate change. Their contributions have the potential to significantly impact how homeowners, businesses, and renters manage and mitigate flood risks, while reducing the financial burden of flood insurance. The 2023 Flood Insurance of the Future Challenge has successfully uncovered promising solutions to some of the most pressing challenges in the industry today.

Each company will pilot its solution in Hampton Roads, Virginia, through the end of 2023.