Climate risk insurance platform Yokahu, flood parametric insurtech FloodFlash, and global fintech Vitesse have collaborated on a parametric product to accelerate payments from insurers to policyholders to prevent small and medium-sized businesses from failing after extreme weather events.
Leveraging its global digital banking distribution, Vitesse has developed a platform that allows cross-border payments for insurers to pay a claim in real-time and has partnered with FloodFlash and Yokahu to enable this through parametric insurance.
Tim McCosh, CEO and Founder of Yokahu, commented, “The climate change emergency is accelerating, and this year’s COP27 focused minds once again on the urgent need for action on the ground where it will have the most impact.
“The partnership with Vitesse means that when a parametric climate risk policy is triggered, we are now able to pay each individual or business covered by the policy so that they wake up the day after an event happens, the money is there to support them in rebuilding. That’s the power of technology.”
Daniel Andrews, Insurance Director of Vitesse, suggested that the collaborative approach with FloodFlash and Yokahu demonstrates the firm’s desire to positively impact change and deliver quicker outcomes for consumers and businesses at a time when they need it most.
He added, “Whether that be to repair a residential property or to get a business back up and trading. The partnership is a match made in heaven, where third parties can come together to deliver a compelling insured experience from end-to-end.”
Phil McGriskin, CEO and founder of Vitesse, said, “Seeing the positive impact on lives and small businesses makes me proud that Vitesse is the payments partner of choice for Yokahu and FloodFlash. Technology and insurance coming together to change a customer’s experience is just the beginning….it’s exciting to see what’s next.”
Adam Rimmer, CEO of FloodFlash, also commented, stating, “One of the themes that have emerged from COP27 is that developed countries are putting forward financial tools to support the poorer nations that will fall victim to climate catastrophes. In parametric insurance, we have a powerful financial tool that can help everyone, from governments down to individual citizens.
“Parametric cover is the best way to help more people recover from catastrophe. As the world changes faster and recovery demands become more intense, the speed at which funds are made available will only become more important. This partnership signals a great step towards fast, sustainable financial resilience.”
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