TorrentFLOod® Private Label Program
WYO Companies, Flood Vendors and Private Labeling
The flood insurance market today consists of approximately $3 billion in annual NFIP policy premiums. Over 90% of WYO Companies outsource their policy and claims administration to third party administrators called “Flood Vendors” due to the niche nature of the flood insurance product as well as the NFIP’s complex federal regulations. Newer insurance companies that don’t qualify for the WYO Program can still participate in the NFIP by utilizing TorrentFlood®’s ‘Private-Labeling’ Program to preserve company branding.
Why Insurance Companies Should Sell Flood Insurance
Leverage and Grow your Homeowners' BookBy offering flood insurance you add a complimentary line to your current product offering which can also be leveraged to grow your homeowners book of business.
What is 'Private-Labeling'?
Why Insurance Companies Private-Label
As a new insurance carrier, the most difficult FEMA requirement for becoming a WYO Company is that a carrier has to be in business for at least 5 years (see requirements list on next page). FEMA is not flexible on this requirement, making it nearly impossible for new carriers to sell flood insurance.
How TorrentFlood® Solves this Problem
By selecting the TorrentFlood® Private-Labeling Program, we enable new carriers to participate in the NFIP by leveraging one of a number of our existing WYO Companies that have agreed to participate as a partner in this program, allowing new carriers the ability to sell flood insurance while preserving their company brand.
Don’t Qualify for the WYO Program Yet?
No Worries - Torrent’s got you Covered
If a carrier doesn’t initially meet FEMA’s requirements in becoming a WYO Company, we offer flexible and seamless solutions to enable these carriers to quickly add flood to their suite of insurance products. We will use your logos and colors schemes on our website and outgoing documents to ensure you preserve your corporate identity with your agents and prevent any brand confusion.
By selecting the Torrent Private-Label Program, you not only get the benefits of our flagship product, TorrentFlood®, but will be given the ability to choose a partner from a national network of WYO Companies that have agreed to provide a partnering arrangement for newer carriers on TorrentFlood®.
Further, when a carrier ultimately does qualify to become a WYO Company, Torrent helps transition them from the Private-Labeling Program to a full WYO Company with a step-by-step process that expedites the entire process.
Why Choose Torrent as your Private Labeling Partner?
Fresh Technology – TorrentFlood®
TorrentFlood® is the industry’s first 100% web-based flood policy and claims processing system. We’ve given the philosophy of our online flood policy processing and claims administration system the moniker ‘Intuitive-Compliance’ - making TorrentFlood® easy to use for agents while ensuring they adhere to the strict FEMA compliance requirements.