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Torrent Technologies Signs Rural Community Insurance Company for Flood Program

April 14, 2009

SEATTLE, April 14 /PRNewswire/ — Torrent Technologies, Inc. (Torrent) announced today that Rural Community Insurance Company (RCIC), a Wells Fargo Company and subsidiary of Rural Community Insurance Services (RCIS), has selected Torrent to provide technology solutions and back office services supporting their recent entrance into the National Flood Insurance Program’s (NFIP) “Write Your Own” (WYO) Program.

“We were excited to learn of RCIC’s desire to enter the WYO Program and even more pleased that they selected Torrent after a thorough diligence and extensive RFP process.” commented Travis Pine, Torrent’s founder, CEO and Chairman. Pine, along with Theresa ‘TJ’ Johnston, founded Torrent in early 2005. Torrent has created new industry standards by employing contemporary technology to create a more efficient and FEMA-compliant solution in an industry with a limited and antiquated competitive landscape. “This is a wonderful opportunity for Torrent to showcase our best-of-breed technologies and services,” Pine continued, “and we look forward to working closely with partner RCIC as they become a leading provider of flood insurance services.”

TorrentFlood(R) has been designed to seamlessly integrate the underlying RCIC flood platform directly with the Wells Fargo Special Risks excess program to provide automated excess flood insurance quotes whenever the replacement cost of the property to be insured exceeds the standard underlying policy limits available through the NFIP – a unique, distinguishing benefit of the RCIS offering.

Using the TorrentFlood(R) platform, the producer and more importantly, the company itself, is more flood compliant. Exposure is mitigated as the system has been designed to accurately identify the risk, provide insurance options for both primary NFIP and excess flood, and the corresponding documentation to record the transaction. The producers can then quote flood protection, regardless of flood zone or amount, and allow the customer to decide if they want to purchase the coverage. The file is documented with a copy of the purchased policy or a copy of the insured’s acknowledgement that coverage is not desired at that time. This simple process ensures proof that coverage was explained and offered eliminating confusion at time of an uncovered flood loss.

RCIC is one of a growing list of WYO Companies that have selected Torrent’s flagship product, TorrentFlood(R), for their flood insurance processing needs. TorrentFlood(R) is the most robust and advanced flood processing system on the market today. Since launching TorrentFlood(R) in early 2007, Torrent has signed 15 clients – including RCIC, and expects their rapid rate of growth to continue in the years ahead.

About Torrent Technologies

Torrent Technologies is a business services company that leverages contemporary technology to more effectively administer flood insurance policies and claims through the National Flood Insurance Program. Torrent was founded in February 2005 and has offices in Seattle, Washington, Kalispell, Montana and New Carrollton, Maryland For more information, please visit http://www.torrentcorp.com.

SOURCE Torrent Technologies, Inc.


Source: newswire



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