Floodbase, the leading parametric platform for insuring flood risk, today unveiled its Floodbase Quote API. The new platform capability enables insurers and MGAs to collapse weeks-long manual quoting cycles into instant workflows that dramatically accelerate distribution and offer new portfolio flood solutions for the historically underserved U.S. flood market.
Until now, the bespoke and manual nature of large area parametric flood quotes has restricted underwriting capacity and in turn brokers' ability to serve small- and mid-sized markets. The lengthy submission-to-quote cycle meant brokers couldn't get an option in front of all relevant clients. The result? Significant value has been left on the table: Clients remain exposed to significant flood protection gaps, brokers are unable to service their entire book, and carriers have left substantial premium untapped.
That dynamic is now changing. With the Floodbase Quote API, carriers can equip brokers with tools that instantly generate standardized quotes for parametric flood covers. New, automated quoting and rating workflows make it viable to distribute at scale across small- and mid-sized commercial markets where speed, consistency, and standardization are essential.
This expansion of the Floodbase Platform also unlocks entirely new parametric flood products previously limited by a manual, location-by-location design process. For the first time, insurers can partner with Floodbase to design large, geographically distributed portfolio solutions – from embedded add-ons to reinsurance solutions – covering thousands of locations in the U.S. simultaneously. This effectively enables insurers and MGAs to scale new products and capture new parts of the market previously out of reach.
WHY NOW
Growing demand for comprehensive flood risk management in the U.S. – driven by more frequent and intense events, rising NFIP premiums, and uncertainty around federal coverage – is accelerating interest in parametric flood. That demand is visible in the market, with multiple U.S. municipalities adopting parametric flood coverage to complement traditional insurance. As Bloomberg reported following the City of Fremont’s decision to purchase a city-wide parametric flood policy, “It’s clear that more innovative solutions need to be brought to the table to protect Americans,” said Daniel Kaniewski, former FEMA official and head of public sector practice at Marsh McLennan. Yet two-thirds of modelled U.S. flood losses remain uninsured, according to Moody’s RMS, highlighting a significant protection gap.
LIBERTY MUTUAL: INSTANT PARAMETRIC FLOOD QUOTING IN BROKER TOOLS
As announced with Liberty Mutual last week, Floodbase’s Quote API enables instant parametric flood indications directly within broker quoting environments, eliminating the manual request-and-wait process that has historically slowed commercial flood underwriting. By generating location-specific flood index outputs in real time, the API provides the structured risk inputs Liberty combines with its own pricing models to deliver immediate flood quotes to brokers.
This capability allows carriers to introduce parametric flood into high-volume broker workflows, improve turnaround predictability for underwriters managing multiple deals simultaneously, and expand flood attachment across the U.S. commercial market.
NEW PARAMETRIC FLOOD PRODUCTS NOW POSSIBLE AT PORTFOLIO SCALE
Embedded flood solutions for low-end commercial portfolios and parametric reinsurance structures for property portfolios both require coverage across thousands of insured locations. Historically, structuring these products at scale required significant manual modelling and operational effort. With the Quote API, Floodbase is now able to effectively design products spanning portfolios of tens of thousands of locations enabling embedded offers through digital platforms, renewal workflows, and automated add-on coverage. This allows carriers and MGAs to monetize previously excluded flood risk across existing portfolios while launching new embedded products at scale.
A MORE INSTANT, SELF-SERVE FLOODBASE PLATFORM
To enable insurers to structure and price parametric flood more predictably, Floodbase’s Quote API instantly returns the assets required for underwriting. For a given address or jurisdictional boundary, the API constructs a personalized flood index and provides its historical performance (daily or annual maxima going back decades), alongside calibrated return period values spanning 2- to 150-year events.
The launch of the Quote API is part of a broader evolution of the Floodbase platform toward more instant, frictionless underwriting experience. Floodbase will soon launch a self-serve solution, providing a user-friendly option designed for underwriters to retrieve the assets needed for pricing in one streamlined workflow without wait times.
Flood risk is changing. Your underwriting should too. Join the elite group of insurers using Floodbase to simplify the complex and make flood insurance truly scalable. Whether you’re looking to serve specific clients or launch a full program, our team is ready to partner with you. Start a conversation with our team here.
