Questions about RISE Resilience Flood Insurance of the Future Challenge? join next time Watch our webinar & session with Scott Williamson, Senior Vice President, Reinsurance Association of America, said Paul Robinson, RISE Executive Director. Thursday, December 1, 2:00 PM ESTThe discussion will focus on the Community Disaster Resilience Zones Act, a bipartisan law that designates communities most at risk from natural disasters, and how it directs public and private funding to meaningful resilience projects. Focus on how it helps. Scott also discusses the NFIP Risk Rating 2.0 and its impact on the current flood insurance landscape.
RISE is a not-for-profit economic development organization that accelerates innovation and business growth to solve coastal communities’ toughest problems. Through the Challenge, more than 300 entrepreneurs and businesses from around the world will participate in RISE’s comprehensive program of funding to test and refine climate technology solutions using Coastal Virginia as a living laboratory. have been vying to win a successful pilot project. RISE acts as a “one-stop-shop” for innovative solutions by identifying pilot sites, coordinating installations, developing evaluation plans and facilitating business development.To address the gap between flood risk and protection, RISE Resilience Future Flood Insurance Challenge.
Can your solution help reduce the gap in flood insurance coverage?
Current insurance strategies struggle to accurately identify, minimize and cover risks for increasingly flood-prone assets. RISE is looking for a solution that can reduce flood insurance premiums and payments by 50%..
To achieve this, RISE Resilience will apply multiple approaches, including new sources of capital and approaches to insurance, linking risk mitigation solutions to reduce risk transfer costs, and enhancing the accuracy and granularity of data and processing power. identified topic areas as proposals to companies.
Implement the solution on a real pilot test site
All successful solutions Hampton Roads Region of VirginiaThe region will provide a unique testbed for the development and demonstration of solutions for RISE Resilience Flood Insurance of the Future Challenge.
- It is the site of many current and planned resilience projects.
- Local cities are active in hosting and evaluating new resilience technologies and approaches.
- RISE has extensive experience in developing and implementing resilience challenges in the region.
Explore the benefits of participating in the RISE Resilience Flood Insurance of the Future Challenge
Since 2018, RISE has deployed over US$6 million to over 35 companies to develop new, scalable products and services that help coastal communities adapt to the impacts of climate change. RISE provides selected companies with technical, government, and business mentors, investor matchmaking, customized accelerator curricula, and more to take their business to the next level while solving community resilience needs. provide ongoing support.
If selected, RISE will support your business in the following ways:
- Access to Resilience Innovation Fund (non-equity, non-dilutive)
- Accessing the Resilience Innovation Accelerator
- Access to real-world datasets, testbeds, and pilot sites
- Manufacturing and test space
- coworking office space
- Regulatory and permitting support
- Be part of an established resilience community
- PR and media exposure
- Strategic collaboration with experts and stakeholders
Additionally, RISE provides variable funding for both single companies (up to $300,000) and teams of companies (up to $750,000) developing integrated solutions. Call your partner today!
What kind of solution is RISE looking for?
Apply for the RISE Resilience Flood Insurance Future Challenge If you are working on a solution like:
- Providing new funding sources and approaches Flood insurance.
- Integrate with any ongoing or planned resilience infrastructure projects in the Hampton Roads area, Leads to reduced risk and insurance costsThis includes evaluating current resilience projects for insurance implications and proposing or guiding future projects.
- build on the past or present Flood insurance program approach – for example, community-based or parametriceffective throughout the city.
- Some insurance approaches require measurement data to trigger payments.is needed Accurate and reliable measurement data A process that accurately and reliably characterizes the events that trigger payments.
- support local governments Reduce flood insurance premiums across communities (for example, through a community rating system).
- develop data, analysis, or modeling to Supporting and enhancing efforts to reduce insurance premiums and claims. Some examples are:
- Property parcel-by-parcel information (e.g. ground floor height, construction, flood mitigation, etc.)
- Mapping and cataloging of critical infrastructure and other parameters to guide and improve insurance cost calculations.
- Products and processes Reduce fraud-related costs for insurersThis may include improved processes to detect fraud, prevent future fraud, and efficiently deal with fraudulent claims and practices.
- Hampton Roads community design and planning Establish a community disaster resilience zone (CDRZ)These zones are proposed as a federal structure to direct and incentivize the public to direct private sector funding for resilience projects to communities most in need and most at risk from severe natural disasters. . CDRZ communities will be provided with a menu of financing and financing options to pay for resilience projects to better protect against the risks of severe natural disasters.
The challenge seeks solutions that apply to specific initiatives planned in the Hampton Roads community, such as the Ghent to Harbor Park Flood Protection Program planned with USACE in Norfolk City, while challenging the goals. To do.
Submissions in areas other than those listed above will be considered if they can demonstrate achievement of the Challenge objectives.
RISE is focused on supporting companies that help tackle climate change
RISE has launched over 30 new pilot projects to solve the climate challenges facing coastal communities today. For example:
- world’s first Flood modeling technology and Waze integration provides real-time alerts to help drivers navigate flooded roads.
- Japan’s first Home Raising Academy Pilot Workforce Training and Certification in the home elevation industry.
- mobile manufacturing unit Produces affordable shoreline protection structures for faster and safer flood mitigation.
- Stormwater monitoring software and sensors that provide real-time analytics and alerts Prevent floods, reduce costs, prioritize renovations, and plan future infrastructure projects.
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