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Tuesday, January 31, 2017

NFIP Selects Marsh Subsidiary for Tech Platform

The National Flood Insurance Program (NFIP) has selected Torrent Technologies, a subsidiary of Marsh LLC, a US-based global leader in insurance and risk management, to provide a technology platform for responding to flood events.

As the NFIP Direct Service Provider, Torrent's platform will be used to manage NFIP policies and respond to flood events, with the goal of streamlining the process for agents and providing real-time data on flood related events to the federal government.

“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.”

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.