(Image source: Floodbase website.)
Floodbase (Brooklyn, N.Y.) has introduced a Quote API designed to automate parametric flood insurance quoting for insurers and managing general agents.
The system is intended to replace manual quoting processes that can take weeks with automated workflows that generate standardized indications for parametric flood coverage.
According to the company, the tool enables insurers to integrate parametric flood pricing into broker quoting environments and distribute coverage more efficiently across small- and mid-sized commercial markets.
Historically manual underwriting processes and bespoke modeling have limited the ability of brokers to provide parametric flood options across large books of business, according to a Floodbase statement. The company says the new API enables standardized quoting workflows that support broader distribution and faster underwriting decisions.
Demand for alternative flood coverage models has increased in the United States as climate-driven events intensify and traditional flood coverage options remain limited. Two-thirds of modeled U.S. flood losses remain uninsured, according to data from Moody’s RMS.
Floodbase says the Quote API can generate location-specific flood index outputs in real time. Insurers can combine those outputs with internal pricing models to produce immediate quotes within broker systems.
The company recently announced a deployment with Liberty Mutual (Boston) that enables instant parametric flood indications within broker quoting environments.
The API also enables insurers and managing general agents to design portfolio-level parametric flood products covering thousands of locations simultaneously, supporting applications such as embedded insurance offerings and parametric reinsurance structures.
Floodbase says the tool can generate historical flood index performance data and return period metrics for specific locations, supporting underwriting analysis and product design.
The Quote API forms part of a broader expansion of the Floodbase platform aimed at automating parametric flood underwriting workflows and enabling insurers to distribute coverage more broadly across the commercial market.
Liberty Mutual and Floodbase Launch Instant Parametric Flood Quoting