Startup offers property owners fast cash when natural disaster strikes

From wildfires to flooding, human-caused global warming is causing record-breaking damage to properties across the globe. While insurance can help mitigate the financial burden, property owners often have to wait months for payments to come through as insurers process thousands of claims. Which is where Dorothy comes in. The New York-based fintech startup offers customers a cash advance as soon as disaster strikes.

Innovation of the day

When individuals or business owners sign up for Dorothy, they fill out a prequalification form to provide details on their property and their FEMA or private insurance policy. When a storm or flood hits, Dorothy uses remote sensing technology to verify that damage has occurred. Within 4 to 5 days, the property owner receives a gap loan and can start paying for repairs, hotel stays or whatever else they need to get back on their feet. Once the claim has been processed by the insurer, Dorothy takes its fee. As reported by TechCrunch, Dorothy closed a pre-seed round in February and is currently testing its product.

As natural disasters hit harder and more frequently, entrepreneurs can have an outsized impact by finding smart new ways to aid consumers without exploiting their misfortune. How can your brand pave that yellow brick road?

Image: John Middelkoop

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