Florida Getting New Private Flood Insurance Company

Titan Flood, an AI-driven NextGen cloud platform, intends to deliver private flood insurance products with “in seconds” quotation generation.

K2 Insurance Services (K2) has made a strategic investment in Titan Flood Inc., a recently established Managing General Agent (MGA) that specializes in the private home flood market. K2 will be a member of Titan Flood’s board of directors in addition to investing equity in the company, according to a recent article by Kerry Smith of Florida Realtors.

Florida’s market for private flood insurance is gradually growing, and these plans frequently provide a higher level of coverage than the National Flood Insurance Program (NFIP), which is the federal government’s standardized flood insurance program. Although mortgage lenders don’t often accept private policies as a substitute for NFIP coverage, which presents a problem for those homebuyers who need flood insurance to acquire a mortgage, this is an advantage to homeowners who desire flexibility in coverage amounts and deductibles.

Titan Flood MGA (Managing General Agent), according to a press release from the company, is an AI-based, NextGen cloud native platform: “Titan offers a quick and easy way for homeowners to purchase insurance protection online while utilizing hyper-automation to help them understand their true flood exposure, saving them time and money.”

According to Titan Flood, its rating engine for home flood insurance will use artificial intelligence (AI) to assess and price the product, and it will provide price quotations in a matter of seconds. The portfolio will consist of “intelligent data analysis of single-risk modeling for eligibility and pricing.” In only a few minutes, it will enable applicants to purchase coverage online, receive information about their flood risk, and choose from a variety of customized policy alternatives.

Titan’s flood coverage will be disseminated through independent agencies in addition to being accessible directly online. It indicates that 15 states, or approximately 80% of the potential market for residential flood insurance, will first provide it as a surplus line product for residential risks.

The article originally appeared on Florida Realtors.