Ep305 James Brady & Tom King of Hiscox: FloodPlus Ten Years On

Ten years after its launch, Hiscox’s Flood Plus platform has become the market‑first, tech‑enabled solution that lets agents quote and bind flood coverage in real time. Built on a digital underwriting workbench, the product leverages sophisticated flood‑risk models and risk‑based pricing to fill a glaring gap: only about 4% of U.S. homeowners carry flood insurance, despite 99% of counties experiencing flooding in the past two decades. This under‑penetration creates a massive opportunity for private insurers, especially as FEMA’s National Flood Insurance Program faces calls for reform and risk‑based pricing.

The platform’s success hinges on a fully API‑driven distribution engine that pushes pricing, quoting, binding and policy administration directly into cover‑holder systems. Hiscox now handles roughly 100,000 digital quotes each week, a volume impossible without automation. The digital backbone not only accelerates the sales cycle but also provides real‑time exposure data, enabling underwriters to fine‑tune models and respond swiftly to emerging hazards. While technology drives scale, the human element remains vital; face‑to‑face relationships with MGAs and on‑the‑ground claims support, such as the Sanibel Island response after Hurricane Ian, differentiate Flood Plus from the slower, less transparent NFIP process.

Early catastrophes, notably Hurricane Harvey in the product’s first year, tested the model and forced rapid learning. The experience highlighted the need for broader coverage limits, loss‑of‑use provisions, and faster claims settlement—features now standard in Flood Plus. As the U.S. government pushes for a take‑out programme to shift risk to the private sector, Hiscox’s blend of InsurTech agility and deep underwriting expertise positions it to capture a growing share of the flood market, while delivering more resilient protection for homeowners and businesses alike.