The U.S. Federal Emergency Management Agency has awarded CSC (NYSE: CSC) the five-year National Flood Insurance Program Direct Servicing Agent contract. Using FloodConnect, its flood insurance processing application, CSC will provide full-insurance business process services to insurance agents, policyholders, lenders and other stakeholders on behalf of FEMA. It will also provide financial and statistical reporting.
The program addresses escalating costs of repairing flood damage by offering communities an insurance alternative to disaster assistance. FloodConnect’s software components are reusable, fully integrated and allow for real-time, online access to flood policy information and reports.
CSC has managed the contract since 2004. In 2010, CSC serviced more than $193 million in net premiums written and ended the year with $542 billion in insurance in force.
“We are committed to providing vital services on behalf of the U.S. government in support of public-private programs, such as flood insurance, that are important for the protection and wellbeing of Americans, ” said Jeffery Schwalk, president of CSC’s Property and Casualty Insurance Division. “In order to efficiently and cost-effectively support the flood industry, we use sophisticated, Web-based technology specifically designed for the flood program, including new tools and technology designed to improve claims handling, such as Vendor Solutions Suite and our new mobile app for First Notice of Loss.”
