Marsh’s Torrent Technologies Adds Palomar Specialty’s Private Flood Insurance Solution to WYO Offering
November 10, 2020
Torrent Technologies, a flood insurance technology and servicing company and part of Marsh, today announced an agreement with Palomar Specialty Insurance Company to provide Torrent’s Write-Your-Own (WYO) carrier clients and their agents new, admitted private flood insurance options.
Under the agreement, Palomar’s admitted, residential flood insurance program, Flood Guard, will be integrated onto Torrent’s state-of-the-art flood processing platform. This will provide agents of WYO carriers that opt-in even more choice to meet the unique flood risk needs of their customers and help close the flood insurance gap in the US.
Flood Guard will be the first admitted, private flood insurance option on the TorrentFlood® platform. This will enable agents to sell National Flood Insurance Program policies as well as quote, bind, and issue in real-time a curated list of private flood insurance options.
Unlike non-admitted policies, admitted policies are regulated by states and backed by state guarantee funds, providing policyholders additional protection in the event of carrier insolvency.
“Agents have told us that they want more choice in flood insurance on our platform, and in particular an admitted policy option,” said Kevin Tobin, CEO of Torrent Technologies. “With the addition of Flood Guard, WYO carriers can equip their agents with more opportunities to protect more homeowners from the number-one natural peril in the US.”
Mac Armstrong, Founder, CEO, and Chairman of Palomar Specialty, added: “Flood Guard is an affordable private flood insurance solution with flexible payment plans backed by the strength of an A-rated carrier. We are thrilled to integrate our offering on Torrent’s platform and provide WYO carriers and their agents expanded opportunities.”
With annual premiums as low as $200, Flood Guard is available on an admitted basis in the following 11 states: AZ, CA, HI, IL, IN, NV, OK, OR, PA, SC, and UT, with additional states forthcoming. Homeowners can purchase up to $5 million in dwelling, $1 million in personal property, and $50,000 in loss of use coverage on either a primary or excess basis.
Flood Guard is expected to be fully integrated onto TorrentFlood in the first quarter of 2021.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.