Covansys Corporation, a global consulting and technology services company, announced its intent to enter into the federal market with news that the Federal Emergency Management Agency (FEMA), through the National Flood Insurance Program (NFIP), has awarded Covansys a contract to provide a web-based solution and business process outsourcing services designed to allow the federal government to administer its flood insurance programs more efficiently.
Under the terms of the contract, which is valued at $26.5 million over five years, Covansys will provide its proprietary flood services solution, FloodConnect, in addition to acting as the exclusive servicing agent for the NFIP.
FloodConnect provides a web-enabled infrastructure that will automate and integrate many of the day-to-day activities required to service directly written flood insurance policies, including underwriting, policy administration, claims examination and payment, financial accounting and statistical reporting.
FloodConnect will allow the NFIP to reportedly drive down administrative costs, while simplifying the overall flood insurance process and maintaining a high level of data integrity. Covansys will also be responsible for coordinating operations of the NFIP servicing facility with designated contractors, as well as other insurance and government hazard mitigation and disaster response activities.
This is the first federal contract awarded to Covansys, which has been providing public sector solutions to 47 states in the areas of health and human services, public retirement, public health, motor vehicle services, unemployment insurance and homeland security for the last nineteen years.
Other key benefits of FloodConnect include the following:
— Decreased input time and increased accuracy when preparing a quote or application;
— Use of technology to improve customer service;
— Reduced entry time during catastrophes and other high-output situations;
— A fully integrated system from quote and application to financial management; lowering administrative costs and increasing data integrity;
— Integrated work flow and electronic documents;
— Self-service website for agents and electronic policyholders.
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