Flood Risk Solutions (FRS) responds to the needs of the flood insurance market in the United States by offering agents and brokers comprehensive insurance products. With this, the wholesale insurance provider and managing general agent (MGA) also provides solutions for its clients’ residential and commercial clients. The Florida-based company leverages proprietary cutting-edge technology to deliver first-class coverage options to stakeholders nationwide.
Brendan Moeller, CPCU, and Eugene Podokshik, CPCU, established the company. During their early careers, Podokshik, an insurance broker, met Moeller, who was then an underwriter at a premier insurance company. After discovering they share the same vision, they complemented each other’s expertise in brokerage, technology development, and underwriting to solidify the FRS’ foundation.
Moeller and Podokshik identified a gap in the flood insurance market—the domination of the National Flood Insurance Program (NFIP). They observed the NFIP’s rising rates and limited options and saw an opportunity for private insurers to offer alternatives that would better serve consumers. The result of these observations is the official launch of Flood Risk Solutions in 2017.
The company believes in advancing the flood insurance market’s development by determining profitable businesses within the NFIP and offering more competitive pricing and flexible terms in a new private marketplace. This philosophy reflects FRS’ mission: to deliver tailored flood insurance solutions to clients and guarantee access to top-notch protection regardless of circumstances.
FRS provides Primary Flood insurance products from domestic excess and surplus markets. It also sources from syndicates within Lloyd’s of London and other domestic and international insurers. If consumers require additional coverage, they can obtain FRS’ Excess Flood products with in-house authority of up to $7.5 million and structured limits of up to $25 million per location. They stand out for sitting above NFIP limits and other private market flood placements.
Determined to revolutionize the flood insurance industry, the founders ensure FRS commits to its mission of simplifying the process for agents and brokers and expanding the coverage options for consumers. “The initial plan was for FRS to stand as a tech-driven platform catering to agents. Its goal is to help them compare rates, access numerous flood insurance products, and bind coverage,” Podokshik supplies.
FRS prides itself in its Parametric Solutions. With these, the company addresses the gap posed by traditional insurance products that are often inadequate or costly. Its innovative risk management options include parametric flood, wind insurance, and non-damage business interruptions. Their unique structure guarantees triggers are based on agreed-upon measurements (e.g., gauge readings, wind speeds, and satellite imagery). The payment is issued almost instantly once the trigger is met, aiding with expenses associated with the loss. This dramatically differs from traditional claims handling, where payments typically take months.
It’s significant to note that FRS’ Flood Rater technology is the core of the company’s services. This innovative tool boasts minimal keystrokes and combines the NFIP and the entire private marketplace virtually. It also enables the generation of real-time quotations. Consumers only need an address to secure various proposals. “We’re the first to introduce the flood multi-rater. We’re confident that it remains the fastest and arguably the best in the sector,” Managing Director Chad LaTour, who boasts extensive expertise from previously working for a national flood insurance carrier, remarks.
Besides this technology, the FRS team’s collective experience of over 50 years in the flood insurance industry positions the firm at the forefront. This vast expertise allows the company to provide effective solutions, including primary flood coverage and advanced parametric solutions.
Reflecting on Flood Risk Solutions’ vision, Podokshik states, “We aim to automate our insurance products and add more offerings. We became a member of the national insurance intermediary XPT Specialty earlier this year, allowing us to integrate the company’s tech into our upcoming products. Not only that—we also look forward to creating a single-entry, multi-quote comparison system for agents.” This system will reduce errors and enhance insurance transactions’ speed and accuracy, helping agents and brokers deliver exceptional solutions to their clients.
