Reinsurance News

National Flood Services targets flood insurance modernisation with Trident

11th March 2020 - Author: Luke Gallin

National Flood Services, a U.S. domiciled provider of flood insurance solutions, has launched a new holistic, data-driven platform designed to transform access to flood protection, called Trident.

National Flood ServicesThe new solution aims to modernise every aspect of the flood insurance experience for all parties along the chain, from policyholders to back-office operations staff.

Annually, flooding is one of the most damaging and costliest perils and in many parts of the world, the flood protection gap (disparity between economic and insured losses post-event) is vast and growing, exacerbated by the impacts of climate change and rising sea levels.

According to National Flood Services, flood insurance has been underserved by the rise of technology and when you consider that homeowners are far more likely to experience a loss from flood than fire, the need for a more instant and digital process becomes apparent.

Trident, described as a cloud-based flood processing application, combines all aspects of flood insurance, from purchasing and underwriting to management and servicing, into a single, seamless platform.

Tremor - The modern way to place reinsurance

Ralph Blust, Chief Executive Officer (CEO) of National Flood Services, commented: “The future of flood insurance requires a modern, tech-enabled approach that simplifies the application, policy management, claims and reporting process for homeowners and agents alike.”

An announcement on the release of Trident explains that the application is instant, holistic, and data-driven. Supported by instant search and an organised agent dashboard, Trident enables agents to deliver a number of quotes to customers in seconds.

National Flood Services describes it as a one-stop shop for all policy and application tools, while both agents and policyholders save time with automated services such as document scanning. Trident is data-driven and leverages historical data to tailor forms for optimised data entry, while real-time analytics provide agents with valuable insights.

Danny Rosenthal, Chief Operating Officer (COO) at National Flood Services and Senior Partner at PEAK6, an investment firm that acquired National Flood Services in 2018, said: “By using Trident to provide instant, reliable access to claims workflows and streamlining communications between agent, customer and staff, we aim to reduce the average claim processing time roughly in half, from 29 to 15 days.

“To do this, we focused on building simple, efficient and user-friendly processes that create an intuitive experience for agents and customers alike.”

The company explains that 50 of its agents are currently using Trident as part of the solution’s beta testing, with plans to introduce it to a further 1,500 agents in the next month.

Print Friendly, PDF & Email

Recent Reinsurance News