Ric
Ric is a parametric flood insurance managing general agent offering rainfall-triggered automatic cash payouts without claims processing. The company serves employers, benefits brokers, and individual consumers across all 50 U.S. states, with coverage underwritten by Tokio Marine HCC.
- Company typePrivate
- Founded2022
- HeadquartersManhattan, United States
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What Ric does
Ric is a parametric flood insurance managing general agent founded in 2022 and headquartered in Manhattan, offering rainfall-triggered flood coverage that automatically issues fixed cash payouts when rainfall at a covered location meets or exceeds a pre-agreed threshold. The company's core technology uses verified third-party NASA rainfall data to monitor conditions in real time and wire funds to policyholders' bank accounts within approximately 48 hours of trigger activation, eliminating claims adjusters, inspections, paperwork, and deductibles. Ric distributes through two channels: a direct-to-consumer micro-policy offered at $14/month for $10,000 in immediate flood payout (currently in waitlist mode at helloric.com), and an employer-sponsored voluntary benefit available in two tiers ($18.50/month for $5,000 payout, or $37/month for $10,000 payout) distributed through HR teams and benefits brokers in all 50 U.S. states, with coverage underwritten by Tokio Marine HCC (A++/A+ financial strength ratings). The product is positioned to address the well-documented flood insurance gap — 99% of U.S. counties have experienced a flood event over the past 20 years, but only 4-6% of homeowners carry separate flood insurance, and FEMA individual grants average only a few thousand dollars and typically take around five weeks to disburse.
Ric's go-to-market is enterprise field sales into HR and benefits broker channels, with pricing that varies by location-based expected event frequency and payout tier. Revenue is generated through recurring monthly subscription premiums. The target customers are three-layered: employers and HR teams seeking differentiated voluntary benefits to support retention and recovery; benefits brokers and consultants looking to add a fresh, easy-to-explain offering alongside medical, disability, accident, and supplemental products; and individual employees (renters and homeowners alike) needing fast cash relief for temporary housing, transportation, groceries, missed wages, and childcare after extreme rainfall events.
The company was co-founded by Nakita Devlin (Founder & CEO), a former insurance broker with over a decade structuring catastrophe coverage, and Stephen Discenza (Founder, CUO & CEO), a veteran of 10+ MGA startups with deep specialty property underwriting expertise. In 2023, Ric won the RISE Flood Insurance of the Future Challenge, a $1.5 million innovation competition, and has since secured additional financing from CTNext, R/GA Ventures, the University of Connecticut, and Insurtech NY. The legal entity is Ric Platform Services LLC, operating as a managing general agent with Tokio Marine HCC providing underwriting capacity for nationwide issuance.
Ric firmographics
Firmographics- Name
- Ric
- Legal name
- Ric Platform Services LLC
- Website
- https://helloric.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Ric is a parametric flood insurance managing general agent offering rainfall-triggered automatic cash payouts without claims processing. The company serves employers, benefits brokers, and individual consumers across all 50 U.S. states, with coverage underwritten by Tokio Marine HCC.
- Ownership category
- akta.pro rank
Ric industry classification
Industry- Product category
- Parametric Flood Insurance
- NAICS
- Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Agencies and Brokerages (524210), Insurance Carriers and Related Activities (524)
- SIC
- Fire, Marine & Casualty Insurance (6331)
- akta.pro primary industry
- Flood Insurance (FSAJACAG)
Keywords
Where Ric is headquartered
LocationHeadquarters
- HQ city
- Manhattan
- HQ country
- United States
- HQ region
- North America
Markets served
Ric business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure, Others
Revenue model
- Premium Subscriptions: Monthly premium payments from employers or employees for parametric flood coverage. Two-tier pricing structure: Tier 1 at $18.50/month for $5,000 payout, Tier 2 at $37/month for $10,000 payout. Pricing reflects expected event frequency in a given area and the payout amount selected.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Tier 1 - $5,000 payout coverage |
| Subscription | Monthly | Tier 2 - $10,000 payout coverage |
| Subscription | Monthly | Consumer Individual - $10,000 immediate flood payment |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
Ric product offering
Product offeringCore offering
Ric delivers parametric flood insurance that pays out a fixed cash amount automatically when rainfall at a covered location meets or exceeds a pre-agreed threshold, with no claims process, no adjusters, no inspections, and no deductible. It is sold through two channels: an employer-sponsored voluntary employee benefit (Tier 1 at $18.50/month for $5,000 payout; Tier 2 at $37/month for $10,000 payout) and a direct-to-consumer micro-policy at $14/month for $10,000 in immediate flood payment, both available in all 50 U.S. states for renters and homeowners.
Product overview
Ric is a parametric flood insurance company offering two distinct product lines: a consumer micro-policy at $14/month providing $10,000 immediate flood payouts, and an employer-sponsored voluntary employee benefit available in two tiers (Tier 1 at $18.50/month with $5,000 payout; Tier 2 at $37/month with $10,000 payout). Both products use a rainfall-triggered parametric model where payouts are automatically issued when measured rainfall at covered locations meets or exceeds pre-agreed thresholds, without requiring damage claims, inspections, or property ownership. The employer benefit is distributed through participating employers across all 50 U.S. states and is underwritten by Tokio Marine HCC.
Differentiator
Problem solved
Functional benefit
Products and services
- Ric Consumer Micro-Policy Individual parametric flood insurance micro-policy sold directly to U.S. consumers at $14/month that pays $10,000 immediately (wired within about 48 hours) when rainfall at the policyholder's address meets or exceeds a pre-agreed trigger. No applications, inspections, claims, or deductibles; available to renters and homeowners. Currently available via waitlist on helloric.com.
- Ric Employer-Sponsored Benefit Voluntary employee benefit that provides automatic cash payouts to enrolled employees when extreme rainfall triggers are met at covered locations, priced in two tiers.
Quantifiable outcome
- Payouts typically arrive within about a week after a qualifying rainfall event
- +3 more outcomes
Companies that use Ric
Customer profileSegments3 records
Ideal customer profiles3 records
Ric technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Ric partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- NASAcoreRic uses trusted NASA rainfall data to monitor extreme rainfall at covered locations and trigger automatic payouts when rainfall reaches or exceeds pre-agreed thresholds. This third-party data verification enables the parametric insurance model without requiring claims or property inspections.
Scale indicators1 record
Recent moves6 records
Expansion highlights5 records
Ric competitors and assessment
Company assessmentBroad incumbents
- Hippo Insurance: Hippo is an insurtech MGA focused on modernizing homeowners insurance, with embedded weather and smart-home-driven risk offerings. It serves the same employers and brokers Ric targets and could bundle flood endorsements as a competitor to Ric's employer benefit.
- NFIP / FloodSmart (FEMA): FloodSmart is the consumer-facing program for the National Flood Insurance Program, the dominant U.S. flood insurer. While a public program, it is the primary incumbent whose gaps and slow claims Ric is explicitly designed to displace.
- Kin Insurance: Kin is a digital homeowners insurance carrier using data-driven pricing in catastrophe-prone states. It overlaps with Ric on flood-exposed geographies and shares the same digital, consumer-first distribution thesis.
- Lemonade: Lemonade is a publicly-traded AI-native insurance carrier offering renters and homeowners policies that include weather-related coverage. As a much larger insurtech with a B-Corp brand and broad consumer reach, it could expand parametric triggers or bundled flood offerings, threatening Ric's niche.
- Palomar Holdings: Palomar is a publicly-traded specialty insurer with deep catastrophe and earthquake exposure expertise, including parametric capabilities. It is a credible larger peer with the balance sheet to underwrite or acquire parametric flood books.
Emerging players
- Zego: Zego is a UK-based insurtech offering usage-based and parametric-style products to gig and mobility workers. Although UK-focused, it represents a comparable parametric-first insurtech model that may expand to U.S. climate-related products.
- Accelerant: Accelerant is an insurtech MGA enabler providing data, risk exchange, and capacity to specialty MGAs. Ric's MGA model could increasingly overlap with Accelerant's platform as it scales specialty distribution.
- Rainbow Insurance: Rainbow (formerly Walden Pond Holdings) is an insurtech building parametric weather and natural catastrophe coverage, with comparable technology-driven payouts triggered by third-party data. It is a direct competing insurtech vision in parametric climate insurance.
Others
- Skywatch / weather data parametric platforms: Skywatch provides weather and climate data APIs that power parametric insurance triggers across the industry. As Ric's value chain depends on trusted third-party weather data, Skywatch and similar providers are critical infrastructure counterparts.
Direct peers
- Neptune Flood: Neptune Flood is a direct-to-consumer flood insurance MGA offering online flood coverage in all 50 states. It competes head-to-head with Ric's consumer micro-policy, addressing the same underpenetrated flood insurance market with similar digital distribution.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Ric social profiles
Digital presenceRic financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ric leadership team
Management profileNumber of profiles
Profiles2 records
Ric funding detail
Funding detailFunding overview
Funding rounds3 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ric M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ric
What does Ric do?
Ric delivers parametric flood insurance that pays out a fixed cash amount automatically when rainfall at a covered location meets or exceeds a pre-agreed threshold, with no claims process, no adjusters, no inspections, and no deductible. It is sold through two channels: an employer-sponsored voluntary employee benefit (Tier 1 at $18.50/month for $5,000 payout; Tier 2 at $37/month for $10,000 payout) and a direct-to-consumer micro-policy at $14/month for $10,000 in immediate flood payment, both available in all 50 U.S. states for renters and homeowners.
Is Ric a public or private company?
Ric is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Ric founded?
Ric was founded in 2022. It employs 1 to 10 people.
Where is Ric based?
Ric is headquartered in Manhattan, United States, in the North America region.
How does Ric make money?
One revenue line is on record: premium Subscriptions.
Who are Ric's main competitors?
Broad incumbents on record are Hippo Insurance, NFIP / FloodSmart (FEMA), Kin Insurance, Lemonade and Palomar Holdings. Emerging players are Zego, Accelerant and Rainbow Insurance. Skywatch / weather data parametric platforms is listed as an others. Neptune Flood is listed as a direct peer.
Does Ric have an API?
No public API is recorded for Ric.
What industry is Ric in?
Ric's product category is Parametric Flood Insurance. Its primary akta.pro industry code is FSAJACAG, Flood Insurance. Its NAICS code is 52412 and its SIC code is 6331.