Jon StojanFlood Risk Solutions (FRS), a specialized insurance provider based in Florida, stands out for addressing the complex needs of the flood insurance market across the United States. As a managing general agent (MGA) and wholesale insurance provider, it offers innovative insurance products to agents and brokers who in turn offer the solutions to their residential and commercial clients. FRS utilizes proprietary state-of-the-art technology to deliver efficient, seamless insurance solutions, aiding agencies nationwide to provide exceptional coverage options to their customers.
Flood Risk Solutions
The innovative company was founded by Brendan Moeller, CPCU, and Eugene Podokshik, CPCU. The two seasoned professionals met during their early careers when Moeller served as an underwriter at a leading insurance company and Podokshik was an insurance broker in the same field. Their shared vision and complementary expertise in underwriting, brokerage, and technology development became the foundation of FRS.
The visionaries identified a gap in the flood insurance market, dominated by the National Flood Insurance Program (NFIP). The latter’s limited options and rising rates created an opportunity for private insurers to offer more competitive alternatives. Moeller and Podokshik then focused on establishing a company that could address these needs.
In 2017, the industry experts launched Flood Risk Solutions. The firm’s philosophy revolved around contributing to the development of the flood insurance market by identifying profitable businesses within the NFIP and offering broader terms and more competitive pricing through the new private marketplace.
FRS’ primary mission is to deliver flood insurance solutions that meet clients’ diverse needs, guaranteeing they can access the best possible protection, no matter the circumstances. The company offers Primary Flood insurance products sourced from domestic excess and surplus markets, and various syndicates within Lloyd’s of London, including as a coverholder with proprietary programs with two leading Lloyd’s syndicates and other domestic and international insurers.
Those who require additional coverage can obtain FRS’ Excess Flood products. These sit above NFIP limits or Private Market flood placements, with in-house authority up to $7.5 million and the ability to structure limits up to $25 million per location.
The founders’ belief in the immense benefits of leveraging cutting-edge technology to redefine the flood insurance industry shaped the company’s approach. FRS, therefore, simplifies the process for agents and brokers while expanding the coverage options available to consumers. “We first thought of making FRS solely a tech-driven platform for agents so their consumers would have more choices,” shares Podokshik. “It enabled agents to access various flood insurance products, compare rates, and bind coverage in real-time. We’ve expanded our offerings to include almost all available flood products in the marketplace, eliminating the need for agents to shop for their clients elsewhere.”
FRS streamlines the flood insurance process for agents and brokers with its Flood Rater technology. This advanced tool, with minimal keystrokes, combines virtually the entire private marketplace and NFIP, delivering real-time quotes that can be found online within mere seconds. In most cases, only the address is required to secure a myriad of proposals. It supports residential and commercial properties and includes excess flood rating capabilities. “FRS was the first to introduce the flood multi-rater, and it remains the fastest and arguably the best in the industry”, said Chad LaTour, Managing Director of FRS who joined the company in 2023 after a long stint at a national flood insurance carrier.
Another exceptional service FRS prides itself in is its Parametric Solutions, which provides innovative risk management options for clients where traditional insurance products may be inadequate or too costly. These products include parametric flood, wind insurance, and non-damage business interruptions. They are uniquely structured so that the triggers are based on agreed-upon measurements, such as gauge readings, wind speeds, and satellite imagery, for example. Once the trigger is met, the payment is issued almost immediately, which helps with expenses associated with the loss, which drastically differs from traditional claims handling where payments will often take months.
The FRS team’s over 50 years of collective experience in the flood insurance space attests to the company’s ability to deliver effective solutions, from primary flood coverage to advanced parametric solutions. This capability positions the company as a one-stop shop for all flood insurance needs. In addition, FRS is known for prioritizing efficiency. Its technology streamlines the insurance transaction, enabling agents to generate quotes, share them with clients, and finalize contracts and payments within minutes. It also integrates e-signature capabilities to eliminate time-consuming paperwork.
Flood Risk Solutions is set for continued growth and expansion. “We plan to expand our digital offerings and automate more insurance products. Earlier this year, FRS became a member of XPT Specialty, a national insurance intermediary, and is poised to integrate its tech into many new products. We will offer agents a similar single-entry, multi-quote comparison system across various insurance products,” Podokshik shares. This initiative will enhance the speed and accuracy of insurance transactions and reduce errors, allowing agents and brokers to provide fast and efficient solutions to their clients.