|By PR Newswire||
|November 5, 2012 11:54 AM EST||
SEATTLE, Nov. 5, 2012 /PRNewswire/ -- Torrent Technologies, Inc. announced today that it is on track for another year of record growth in 2012, fueled largely by TorrentFlood®, the industry's leading flood policy and claims administration system.
Since its inception in 2005, Torrent has rapidly acquired market share in an industry that has been widely stagnant for decades due to legacy technology and antiquated service options. Torrent's leading product, TorrentFlood®, has fundamentally changed the way private insurance carriers operate in the National Flood Insurance Program (NFIP) by providing real-time processing and intuitive tools that promote higher accuracy with much lower overhead. Torrent's growth, coupled with the rapid adoption of the TorrentFlood® platform, has put the company in a position to begin extending its products and services into a broader market.
"Our vision for Torrent is to leverage the flexibility and power of our software, infrastructure, and industry expertise to deliver the best products and services to our customers. Now, we are investing in ways to expand our flood platform to augment our current offerings for related industries," said Travis Pine, founder and CEO.
With its core business enjoying record growth, the company plans to unveil new products and services in the coming months. In support of this expansion, Torrent is migrating its software platform to the Cloud, providing customers with a next-generation infrastructure that is inherently highly secure and scalable, further widening the technology gap between Torrent and its competitors. "We are the first and only flood servicing company to leverage this technology," Pine added.
Strengthening its Leadership Team to Expand into New Markets
Torrent's success has enabled it to expand into new markets, building on its industry expertise and flagship product, TorrentFlood® to provide innovative solutions to other underserved insurance channels and more broadly, financial services. For the past several years, Torrent Government Contracting Services, a wholly owned subsidiary of Torrent Technologies, has supported a major NFIP contract and is aggressively seeking to deepen its footprint in future government contracts.
Additionally, Pine is restructuring Torrent to add business units and leadership needed to support future growth. It includes wholly owned subsidiary, Torrent Insurance Solutions, LLC, based in Kalispell, MT, which will continue to focus on traditional flood channels as well as seek new opportunities in insurance. Pine has named Doug Fraley as CEO of this new business unit, with Torrent co-founder, Theresa 'TJ' Johnston continuing as President and COO. Pine remains CEO and Chairman of the parent company, Torrent Technologies, Inc., staying active in flood, while expanding the corporate footprint.
Fraley brings more than 20 years of insurance leadership to Torrent, half of which have been in flood. "Many think of Torrent as a technology leader because we offer a platform that is far superior to anything available in the flood insurance market today," Fraley said. "But we are a business services company first, leveraging the most comprehensive and leading technology to provide our customers with products, service levels and capabilities that are simply unmatched in this industry. Seeing first-hand the power of the TorrentFlood® platform and just how far ahead Torrent's technology and service levels were, made me decide to join this company."
About Torrent Technologies
Torrent Technologies is a business services company that leverages its proprietary technology platform TorrentFlood® to effectively enable private insurance carriers and financial institutions to participate in the National Flood Insurance Program. Founded in 2005, Torrent has offices in Seattle, WA, Kalispell, MT and Washington, D.C. Torrent Insurance Solutions LLC and Torrent Government Contracting Services are wholly owned subsidiaries of Torrent Technologies. For more information, visit www.torrentcorp.com.
SOURCE Torrent Technologies, Inc.
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