California-based insurance holding company Palomar has agreed to integrate its residential flood insurance program Flood Guard onto the flood processing platform of Torrent Technologies, part of Marsh.
It’s hoped this will provide agents of Torrent’s Write-Your-Own (WYO) carriers even more choice to meet the 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.”
Flood Guard is expected to be fully integrated onto TorrentFlood in the first quarter of 2021.
