According to data sourced from the Federal Emergency Management Agency, it is estimated that 99% of U.S. counties were impacted by at least one flooding event between 1996 and 2019.
FEMA believes 8.7 million properties are exposed to catastrophic flooding events. While, in the next 30 years, First Street Foundation projects that the numbers are nearly triple as high – 23.5 million properties are more than likely to be exposed to floods in no more than three decades.
Contemporary flood insurance concepts are either too narrow or too slow in providing payouts, leaving the flood victims without the much-needed financial resources when they need them the most.
Ric is a new start-up company on a mission to distribute micro-parametric catastrophe insurance solutions at scale to exposed communities. The tech company has built a platform to support micro products and plans to launch multiple unique products, all of which will offer rapid payouts and broader-than-average coverage.
The company’s CEO Nakita Devlin imparts that flood insurance obtained via the private market or FEMA “takes months to claim and excludes financial losses”, the combination of which spells financial ruin for many households and families.
Nakita Devlin is a professional insurance executive with over a decade of experience. As a visionary, she saw the potential, or in other words the lack of new insurance solutions and products, and the lethargic response of contemporary insurance agencies as a dire problem that needs to be addressed.
Being the Chief Executive Officer of Ric, Nakita “saw a huge opportunity to create simple, widely accessible catastrophic insurance products that would help people when they need it most.”
The first project Ric is working on revolves around launching the Rainfall recovery payment product, which is meant to provide instant cash payments to victims of rainfall flooding events.
Ric’s insurance products are designed to be approachable and affordable. The planned monthly fee will be fixed at $14 while the payout will also be fixed and capped at $10,000. The products will be backed by a trigger-based insurance policy that will eliminate the need to fill out forms and endure long waiting times.
What separates Ric from other private-market insurance companies is its dedication to creating a product that would allow the victims of catastrophic events to recover payouts within 48 hours. Additionally, while most companies ignore financial losses altogether, Ric’s payouts can be used to cover any damage or loss, including financial losses.
Ric is currently in the stages of raising capital to bring its platform and products to market. According to the company’s CEO, the firm has already established a concrete plan of action, and Ric is “ready to begin today.”
More information about Ric and its products and services is available on the company’s official website.
Media Contact
Company Name: Ric
Contact Person: Nakita Devlin
Email: Send Email
Phone: 347.733.7891
Country: United States
Website: https://helloric.com
