National Flood Insurance Program Selects Marsh's Torrent Technologies as Direct Service Provider
New York, NY | January 30, 2017
Marsh LLC, a US-based global leader in insurance broking and risk management, today announced that its subsidiary, Torrent Technologies, Inc., has been selected to become the National Flood Insurance Program (NFIP) Direct Service Provider. The selection was made by the Federal Emergency Management Agency (FEMA), which is a part of the US Department of Homeland Security.
The NFIP was established to reduce the impact of flooding on private and public structures by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations. As the NFIP Direct Service Provider, Torrent will facilitate NFIP’s response to flood events, strive to improve the customer experience for NFIP policyholders, maintain data security, and deliver continuous innovation. Torrent believes these enhancements will streamline the process for agents and provide real time data on flood related events to the federal government.
“We are pleased to have been selected by FEMA to enhance the NFIP on behalf of policyholders and US taxpayers,” said Peter Zaffino, CEO of Marsh, and Chairman of Risk and Insurance Services, Marsh & McLennan Companies.
“Floods are the number one natural catastrophe in the US,” said John Drzik, President, Marsh Global Risk and Specialties. “Insurance plays a critical role in helping Americans recover from these events.”
Marsh has made continued investments to further develop Torrent’s proprietary TorrentFlood system to enable fast and efficient claims payments for policyholders and a streamlined application process for agents.
“When households and businesses suffer from a flood, they need to be paid quickly and accurately so they can restore their lives and their property," said Kevin Tobin, President and CEO of Marsh’s Insurance Services Group. “We believe Torrent’s advanced technology will enable us to interact more efficiently with those who may have suffered a flood loss and accelerate the payment of claims.”
A global leader in insurance broking and innovative risk management solutions, Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in over 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$14 billion and nearly 65,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.