Flow Flood Insurance Receives 2023 Model Insurer Award for Digital Flood Marketplace
SAN FRANCISCO— March 29, 2023 – Flow Flood Insurance, an MGA built by agents for agents aiming to simplify flood insurance quoting, issuance and policy management, was named a Model Insurer award winner in the customer experience category at the Celent 17th Annual Innovation & Insight Day on March 29. Celent is a global research and advisory firm for the financial services industry.
“We are honored to be a recipient of the Celent Model Insurer Customer Experience award,” said Michael Pallas, co-founder of Flow Flood. “We take great pride in developing tools and products that improve the agent experience.
Celent’s annual Model Insurer awards recognize the best practices of technology usage in different areas critical to success in insurance. Flow Flood Insurance received their recognition for the creation of their complete digital flood marketplace with the help of INSTANDA, a digital platform provider that enables carriers and MGAs to create, build and implement complex insurance products with agility.
Abbe Sultan co-founder of Flow Flood Adds, “Flood insurance has been a challenge for agents to quote, and we set out to change this. Our agents love the marketplace, and we’re thrilled to see it recognized by Celent.”
The new marketplace incorporates underwriting rules, coverage limit thresholds and moratoriums to manage risk exposure, and displays only bindable quotes all in real-time. Flow Flood’s marketplace reduced quote times to 90 seconds, bind times to 60-seconds and new agent onboarding to just a few minutes. The marketplace now serves independent agents across 43 states.
“The Model Insurer Awards recognize how insurers are using technology to change the face of insurance,” said Karen Monks, senior analyst at Celent. “These insurers should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from Flow Flood Insurance clearly demonstrated this.”
To learn more about Flow Flood and its digital flood marketplace, please visit https://flowinsurance.com/
or follow them on LinkedIn https://www.linkedin.com/company/flowinsuranceservices
To learn more about Celent’s Model Insurer awards, please visit https://www.celent.com/awards/model-insurer.