Westfield | December 30, 2021
Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from Westfield Insurance Company ("Westfield").
Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents. Additionally, Wright will also assume the servicing of Westfield's private flood business.
Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its experience, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve.
Patricia Templeton-Jones, the president of Wright National Flood Insurance Services, said she is excited about the partnership with Westfield agents.
"Westfield has provided flood coverage solutions for the past 20 years for its agent partners and policyholders. We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry, Since the inception of the National Flood Insurance Program, Wright Flood has been a premier provider of NFIP flood coverage and private flood options for homeowners and business owners."
"Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss. We are confident customers will continue appreciating the peace of mind that comes with having flood coverage,"
- Craig Welsh, Westfield's chief distribution officer.
Beginning in early 2022, Wright Flood will manage Westfield's NFIP flood placements. All new policies and renewals will be issued by Wright National Flood Insurance Company, which is A.M. Best rated as A- (Excellent) for financial strength. For retail agents accessing flood coverage through Westfield, there will be minimal change in the process to continue to provide NFIP flood insurance coverage for policyholders. Wright and Westfield representatives together will be in contact with their agents.
About Wright National Flood Insurance Company
Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess and private flood insurance with leading industry expertise, rated A- (Excellent) by A.M. Best. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve.
Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as one of the nation's leading property and casualty (P&C) companies, we remain true to their vision and are dedicated to making a positive difference in our customers' lives.
National Flood Services (NFS) | May 20, 2020
National Flood Services has modernized the flood insurance space with its recent launch of Trident.
The new technology provides a cloud-based platform that revamps the flood experience for policyholders, agents and claims examiners.
Another benefit of Trident is that users receive a full array of pricing and coverage options.
Leading flood insurance solution provider National Flood Services (NFS) has modernized the flood insurance space with its recent launch of Trident. The new technology provides a cloud-based platform that revamps the flood experience for policyholders, agents, write-your-owns (WYOs), claims examiners and back office operations staff.
By digitalizing every step of the flood insurance process, Trident enables end-to-end quoting, applications, policy management and claims. Trident also provides agents and policyholders improved educational resources on flood insurance.
Simple and fast access to flood insurance is critical to ensure people have the support they need to rebuild their lives after a flood.
- Danny Rosenthal, chief operating officer at NFS.
On the policy side of the flood insurance equation, applications have historically required property owners to answer many specific questions, which often is a new experience for clients and their agents, particularly if they’re not writing flood frequently. Trident’s aim is to simplify the process of policy issuance.
“We have simplified something that was complex,” said Rosenthal, with 85% of property owners in the US – those that are eligible for the lower-risk PRP policy – now being guided through seven questions and receiving an instant quote through Trident. “We’ve also made the form adaptive so that in order to get to a quote, we only ask the number of questions you need to receive a quote. This streamlines the experience for the insurance agents and the end consumer.” Whereas it previously took over five minutes to complete an application, Trident makes it possible in just 40 seconds.
Another benefit of Trident is that users receive a full array of pricing and coverage options, allowing the end customer to purchase the policy that’s right for them. The platform also provides a flood risk score and average claim size based on the property’s location to help them make a decision, and make sure the coverage is tailored for the individual customer’s needs.
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On the claims settlement side, Trident is also focused on efficiency. In fact, the platform aims to cut the average claim processing time approximately in half from 29 to 15 days by providing instant, reliable access to claims workflows and streamlining communications between agent, customer and staff.
As a result of its modernization of flood insurance, Trident intends to address the coverage gap which leaves millions of Americans exposed to the risk flooding. This can be delivered with the new simplicity that Trident brings, increasing quoting, conversion and renewal rates for agents writing this product. Agents can also benefit from the educational resources provided through the platform that demystify the flood insurance space and thus reduce barriers to entry.
As Rosenthal and the NFS team map out the future of flood insurance, they already have plans on how to expand Trident’s capabilities, with the goal of making the NFIP product even more accessible. The team has already implemented virtual adjusting since FEMA made it acceptable as part of their response to COVID-19, and started making its first virtual adjusting claims checks within five days of announcement. Digitizing elevation certificates and identifying other sources of data that can help fill out flood insurance applications are just a few of the functions that are top of mind looking ahead.
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Currently, 1,500 agents are using Trident as part of the platform’s beta testing and NFS plans to roll it out to an additional 4,000 agents in the next month.
“As we roll more companies on to Trident and [expand its functionalities], the impact [on the flood insurance market] will compound and I’m sure we’ll be able to change the face of this industry,” said Rosenthal.
AboutNational Flood Services (NFS)
Our guiding principle at National Flood Services is to make a difference in people’s lives by helping protect what’s important. As a leading flood insurance vendor, we service more than 2.4 million flood policies and $2 billion flood insurance premiums each year. We take pride in knowing that flood insurance provides a critical protection against the world’s most catastrophic and costly natural disasters and is essential to helping rebuild lives devastated by flood. Our 550 colleagues across the U.S. are passionate about building valued partnerships with the industry’s largest Write-Your-Own (WYO) carriers, educating insurance agents through the complexities of flood insurance, and providing innovative solutions to meet the changing needs of today’s property owners.
Cision PR Newswire | August 13, 2020
Waystar, a leading provider of healthcare payments software, today announced a definitive agreement to acquire eSolutions, a revenue cycle technology company with unique Medicare-specific solutions. In bringing these two industry leaders together, Waystar will be the first technology to unite both commercial and government payers onto a single payments platform. Founded in 1999, eSolutions' technology maximizes revenue collection, accelerates cash flow, and reduces administrative burden across numerous sites of care. The company has over 6,000 payer connections and maintains a powerful and growing data set of billions of transactions Medicare has become the largest payer in the United States and as baby boomers age, the mix of insurance coverage is increasingly shifting to Medicare. Historically, providers have had to leverage two different systems – one to handle commercial claims, and another to handle Medicare. For healthcare providers, leveraging a single, end-to-end platform to manage both private and government payments solves a major pain point and creates significant efficiencies, freeing up time to deliver care.