Parametric Platform

Parametric Platform is Floodbase's end-to-end system for designing, pricing, monitoring and triggering parametric flood insurance. It addresses flood losses that traditional indemnity cover leaves uninsured, such as business interruption, lost tax revenue and disaster-response costs spread over large or hard-to-model areas.

For each policy, Floodbase defines the area of interest, builds a custom flood index from decades of historical flood observations, and calibrates payout thresholds through statistical analysis and backtesting. Once a policy is bound, the area is monitored continuously and payouts are triggered automatically when the agreed flood extent is exceeded, with no in-person loss adjustment. Floodbase's machine-learning models fuse public and commercial satellite imagery in optical, infrared and microwave bands (including NASA's MODIS and Capella Space SAR, tasked on demand for trigger certification) with ground sensors and meteorological and hydrological data; stream gauges are used to calibrate and validate the maps rather than as direct triggers. Monitoring runs hourly across the contiguous US and daily globally. The same data source is used to price and to monitor a policy, which Floodbase says reduces basis risk.

Carriers can embed instant quoting through the Floodbase Quote API, which returns a location-specific index, its historical performance and return-period values; Liberty Mutual's instant parametric flood quoting tool is built on it. The platform underpins the CEI cover for more than 25,000 Italian churches with Generali and the City of Fremont's citywide flood policy, and Floodbase reports more than 9,000 policies enabled across 40+ countries. Carriers pay no upfront cost and pay when a policy binds.