Neptune Flood and Hippo Insurance Partner to Create First Online Home and Flood Insurance Solution

Together, Insurtechs Bring Homeowners First-Class Coverage in Under 4 Minutes

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Feb 21, 2019, 06:00 ET

ST. PETERSBURG, Fla., Feb. 21, 2019 /PRNewswire/ -- Neptune Flood, a data driven flood insurance company, recently partnered with Hippo Insurance to provide the best coverage for today's homeowners. Hippo and Neptune both offer consumers a seamless digital experience with speed, transparency and first-class service. The strategic partnership will give Hippo customers direct access to flood insurance with Neptune Flood, which will be woven into its intuitive and efficient online binding process.

Neptune Flood launched in the fall of 2017 with technology that allows users to quote and buy flood insurance in under two minutes, removes the traditional waiting period and doesn't require the standard elevation certificate. Born out of the expanding need for flood insurance, Neptune offers coverage in low and high-risk flood zones with savings up to 20% over the government's National Flood Insurance Program (NFIP). The company's advanced mapping technology provides highly accurate flood zone and risk-evaluation, offering homeowners near flood areas a better sense of their insurance needs.

"Many of our customers, across Texas, Pennsylvania and California are in need of high-quality flood insurance to properly protect their homes and prized valuables," said Assaf Wand, CEO and Co-founder of Hippo Insurance. "Neptune Flood's use of technology, expedited onboarding experience and fantastic coverage options makes them a perfect match for our modern home insurance coverage and seamless sign-up process."

Hippo is transforming insurance for today's households with modernized coverage. By eliminating process inefficiencies and outdated policy provisions, the company offers enhanced coverage at a savings of up to 25%. Hippo's 60-second online quote and four-minute policy binding process makes it one of the fastest and easiest way to obtain home insurance on the market.

Hippo currently offers home and condo insurance to residents in 15 states and is rapidly expanding into new states each month. Neptune's API allows for quick, deep integration into Hippo's platform, speeding the flood insurance buying process and delivering an unprecedented client experience. The aligned mission and vision of the companies is the cornerstone of the relationship.

"Neptune is forming relationships with transformational distribution partners with a passion for changing the way households think about and buy insurance," said Jim Albert, CEO of Neptune Flood. "Hippo is an example of our commitment to best in class partners who share our values in educating and helping our neighbors better protect their homes against the risk of flooding, while saving time and money."

Nearly 80% of the properties flooded by Hurricane Harvey, which ravaged the Texan coastline in 2017, were considered low-risk homes by the Federal Emergency Management Agency (FEMA). While banks and lenders do not require homeowners in low-risk zones to obtain flood coverage with their home insurance policies, Hippo and Neptune are working together to fill the gap between lender requirements and the reality of increasing flood risk.

About Neptune

Neptune Flood utilizes advanced data analytics and mapping technologies to create sophisticated algorithms for the risk of flooding. This revolutionary approach to pricing flood risk often results in superior coverage and savings over the National Flood Insurance Program of up to 20%. Neptune is available in 23 flood-prone states for homeowners in low and high-risk flood zones.

Neptune Flood was founded in 2016 by insurance and technology industry veterans, including CEO Jim Albert, with a goal of bringing advanced analytics and extreme ease of use to the flood insurance market. Neptune's policies are backed by some of the largest reinsurers in the world, all rated "A" (Excellent) or better by A.M. Best. Learn more, visit http://neptuneflood.com.

About Hippo

Hippo is on a mission to transform home insurance for the modern household. Among its many innovations, Hippo allows homeowners to get a quote and purchase home insurance online in 60 seconds or less, save up to 25 percent compared with traditional insurers, and obtain smarter coverage for modern households. This includes protection for possessions like appliances, consumer electronics and home offices. Founded in 2015 by Assaf Wand and Eyal Navon, Hippo made its debut in the insurance marketplace in April 2017, and has raised $109 million to reinvent home insurance through its initial funding rounds. The company is headquartered in Mountain View, California. For more information, visit http://www.myhippo.com.

SOURCE Neptune Flood