Self-Reflection on the Journey of Creating the First Flood Insurance Multi-Rater

By Eugene Podokshik, CPCU, CRIS, TRA

Browsing through some old photos on my phone, I came across the trip to London that Brendan Moeller and I took to pitch our ideas on private market flood insurance. High-spirited and joyful, we were confident that success was a foregone conclusion, and we were determined to have a lot of fun in the process. On that very trip, we received the green light and support from a prestigious syndicate, were approved as a Coverholder for Lloyd’s of London within two months, and launched our first product just a few months after that. By the end of 2018, we had created the first-ever flood insurance multi-rater, and I can’t help but feel a deep sense of pride and accomplishment.

When Brendan Moeller and I founded Flood Risk Solutions Inc. (FRS) in 2017 and embarked on this journey, we had a singular goal: to simplify the complex process of pricing and procuring flood insurance for brokers and agents using technology. What began as a simple idea has evolved into a full-fledged technology system, recognized today by many as the market leader. We’ve even seen several players attempt to duplicate our rater, mimicking the layout, process, and data vendors we used. Frankly, we’re not upset by this—we take pride in it. We want the flood insurance market to grow and invite as many players as possible to join. A rising tide lifts all ships, and we see that tide on the horizon. We even made the rater free to use.

FRS’s proprietary technology enables a seamless and lightning-fast experience. One of its standout features is its streamlined quote, bind, issue, and payment platform, which integrates with multiple modeling and data providers. Brokers can complete the entire process within seconds, with just a few keystrokes. FRS has empowered brokers to deliver the most cost- and coverage-efficient policies to their insureds in the marketplace.

In 2017, the flood insurance industry was fragmented and limited, and finding coverage options meant contacting numerous carriers, wholesalers, and MGAs. This was often done through emails and phone calls. Securing access involved a "dog and pony show" for an appointment, and only then would you manually email a submission. The back-and-forth with underwriters would begin, often resulting in wasted time when the risk didn’t fit the carrier’s appetite. The process was cumbersome and inefficient. We knew we could do better. The vision for FRS’s multi-rater was to create a seamless system that empowered agents to compare multiple offers quickly and accurately, eliminating repetitive data entry and manual negotiations. The focus was on building a platform that prioritized the user experience. Our thesis was simple: agents want to know they are providing the best available option to their clients—and that’s what we delivered. That peace of mind is, in a sense, an innovation in the insurance realm.

Of course, we faced numerous challenges along the way, but we tackled them with a smile and enjoyed the problem-solving process. Looking back, solving these challenges and adapting as we grew was a significant part of the fun. Fast forward to today, and our multi-rater has become the go-to tool for thousands of brokers and agents. What started with one provider now includes over 20, and in most cases, retrieving quotes has been simplified to just entering an address. We’ve also added cumbersome NFIP quotes to the portal, along with excess coverage over NFIP and excess private market products. This transformation reflects both the evolution of technology and our commitment to continuous improvement. We have consistently adapted to the needs of our users, expanding our network of providers and refining the platform to maintain its leadership position in the flood insurance industry.

Our journey wasn’t just about building a tool; it was about understanding the needs of the market and creating a solution that genuinely made life easier for those who use it. While the recognition we’ve received as the best provider in this space is gratifying, what matters most is that we’ve made a real impact on how flood insurance is accessed and delivered.

As I reflect on the journey from 2017 to now, I’m excited about what the future holds. FRS will continue to innovate and push boundaries, ensuring that our platform remains not only the best but also an essential tool for anyone involved in flood insurance. We’ve come a long way, but this is just the beginning—you won’t believe what we have in the pipeline.