NEW YORK--(BUSINESS WIRE)--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.”
Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 30,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and people. With annual revenue of US$13 billion and approximately 60,000 colleagues worldwide, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a leader in providing risk and reinsurance intermediary services; Mercer, a leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a leader in management consulting. Follow Marsh on Twitter, @MarshGlobal; LinkedIn; Facebook; and YouTube.