FEMA Funds $25.3M for NFIP Policy Servicing Option Year 1 with Torrent Technologies
Contract Overview
Contract Amount: $25,290,709 ($25.3M)
Contractor: Torrent Technologies, Inc.
Awarding Agency: Department of Homeland Security
Start Date: 2017-12-01
End Date: 2018-12-31
Contract Duration: 395 days
Daily Burn Rate: $64.0K/day
Competition Type: FULL AND OPEN COMPETITION
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: IGF::CT::IGF PURPOSE OF THIS TASK ORDER IS TO FUND OPTION YEAR 1 FOR THE NATIONAL FLOOD INSURANCE PROGRAM - DSA POLICY SERVICING CONTRACTOR.
Place of Performance
Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20472
Plain-Language Summary
Department of Homeland Security obligated $25.3 million to TORRENT TECHNOLOGIES, INC. for work described as: IGF::CT::IGF PURPOSE OF THIS TASK ORDER IS TO FUND OPTION YEAR 1 FOR THE NATIONAL FLOOD INSURANCE PROGRAM - DSA POLICY SERVICING CONTRACTOR. Key points: 1. Contract awarded to Torrent Technologies, Inc. for National Flood Insurance Program (NFIP) policy servicing. 2. Significant funding of $25.3 million for Option Year 1 highlights the ongoing need for NFIP support. 3. Competition method was 'Full and Open', suggesting a potentially competitive pricing environment. 4. The sector involves insurance and pension fund administration, a critical area for disaster relief.
Value Assessment
Rating: good
The contract value of $25.3 million for one year of policy servicing appears reasonable given the scope of the National Flood Insurance Program. Benchmarking against similar large-scale insurance administration contracts would provide a more precise assessment.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, which typically fosters competitive pricing and allows for a wide range of qualified contractors to bid. This method is expected to yield fair market value.
Taxpayer Impact: The taxpayer impact is the direct funding of $25.3 million for essential NFIP operations, ensuring continued policy servicing for flood insurance policyholders.
Public Impact
Ensures continued operation of the National Flood Insurance Program's policy servicing. Supports disaster preparedness and response by maintaining critical insurance infrastructure. Provides stability for policyholders relying on NFIP coverage.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for cost overruns if program needs exceed initial estimates.
- Dependence on a single contractor for a critical national program.
Positive Signals
- Full and open competition likely secured competitive pricing.
- Contract supports a vital federal program for disaster resilience.
Sector Analysis
This contract falls within the 'Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds' sector. Spending in this area is crucial for managing large federal programs and ensuring efficient service delivery to beneficiaries.
Small Business Impact
The data does not indicate any specific provisions or set-asides for small businesses in this contract. Further analysis would be needed to determine the extent of small business participation.
Oversight & Accountability
The contract is managed by the Federal Emergency Management Agency (FEMA), a component of the Department of Homeland Security. Oversight would focus on performance metrics, financial management, and adherence to contract terms.
Related Government Programs
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
- Department of Homeland Security Contracting
- Federal Emergency Management Agency Programs
Risk Flags
- Contract duration and potential for follow-on funding.
- Reliance on a single contractor for a critical national program.
- Scope of services and potential for contract modifications.
- Performance metrics and oversight effectiveness.
Tags
pharmacy-benefit-management-and-other-th, department-of-homeland-security, dc, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Homeland Security awarded $25.3 million to TORRENT TECHNOLOGIES, INC.. IGF::CT::IGF PURPOSE OF THIS TASK ORDER IS TO FUND OPTION YEAR 1 FOR THE NATIONAL FLOOD INSURANCE PROGRAM - DSA POLICY SERVICING CONTRACTOR.
Who is the contractor on this award?
The obligated recipient is TORRENT TECHNOLOGIES, INC..
Which agency awarded this contract?
Awarding agency: Department of Homeland Security (Federal Emergency Management Agency).
What is the total obligated amount?
The obligated amount is $25.3 million.
What is the period of performance?
Start: 2017-12-01. End: 2018-12-31.
What is the historical cost performance of Torrent Technologies, Inc. on similar government contracts?
Historical cost performance data for Torrent Technologies, Inc. on similar government contracts is not provided in this dataset. A thorough review of past contract performance, including any cost overruns or savings, would be necessary to assess their efficiency and reliability in managing large-scale programs like the NFIP. This information is crucial for evaluating the value proposition of the current contract.
What are the key performance indicators (KPIs) for this policy servicing contract, and how is performance measured?
The provided data does not specify the key performance indicators (KPIs) or the methodology for measuring Torrent Technologies, Inc.'s performance. Effective oversight requires clearly defined KPIs related to policy processing times, accuracy, customer service, and data security. Regular performance reviews against these metrics are essential to ensure the contractor is meeting contractual obligations and delivering value.
How does the $25.3 million contract value compare to the total annual budget or spending for the NFIP policy servicing function?
The $25.3 million contract value represents the funding for Option Year 1 of the NFIP policy servicing. To assess its true financial impact, this figure needs to be compared against the overall annual budget allocated to the NFIP's administrative and operational costs, specifically for policy servicing. Understanding this proportion helps determine if the spending is efficient relative to the program's total financial footprint.
Industry Classification
NAICS: Finance and Insurance › Agencies, Brokerages, and Other Insurance Related Activities › Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
Product/Service Code: SOCIAL SERVICES › SOCIAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Solicitation ID: HSFE60-16-R-0004
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Parent Company: Marsh & Mclennan Companies Inc (UEI: 041564378)
Address: 1935 3RD AVE E # 100, KALISPELL, MT, 59901
Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $25,290,709
Exercised Options: $25,290,709
Current Obligation: $25,290,709
Contract Characteristics
Commercial Item: COMMERCIAL ITEM
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: HSFE6016D0201
IDV Type: IDC
Timeline
Start Date: 2017-12-01
Current End Date: 2018-12-31
Potential End Date: 2018-12-31 00:00:00
Last Modified: 2020-05-22
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