An AI-based, NextGen cloud platform, Titan Flood, plans to offer private flood insurance policies with the ability to provide quotes “in seconds.”
TAMPA, Fla. – K2 Insurance Services (K2) announced a strategic investment in Titan Flood Inc., a new Managing General Agent (MGA) specializing in the private residential flood market. K2 is making an equity investment in Titan Flood and will participate on its board of directors.
Florida is slowly expanding its private flood insurance market and policies that often offer different levels of coverage than the federal government’s standardized National Flood Insurance Program (NFIP) does. That’s a benefit to homeowners who want flexibility in coverage amounts and deductibles, though mortgage lenders don’t always accept private policies as a substitute for NFIP coverage – an issue for those homebuyers who need flood insurance to secure a mortgage.
According to a company release, Titan Flood MGA (Managing General Agent) is an AI-based, NextGen cloud native platform: “Leveraging hyper-automation, Titan helps homeowners understand their true flood exposure, saving them time and money, while offering a fast, simple way to buy insurance protection online.”
Titan Flood says its portfolio will be an “intelligent data analysis of single risk modeling for eligibility and pricing,” and its AI-based (artificial intelligence) rating engine to evaluate and price residential flood insurance will offer price quotes in seconds. It will provide applicants information about their flood risk, offer them custom-coverage options and allow them to buy coverage online in only a few minutes.
While available directly online, Titan’s flood coverage will also be distributed through independent agencies. It says it will initially be available as a surplus lines product for residential risks in 15 states, representing an estimated 80% of the addressable market for residential flood insurance.
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Author: kerrys