Neptune Flood Crosses 100,000 Policies Milestone

Four years after launch, insuretech solidifies position as leading alternative to the NFIP

News provided by

Feb 07, 2022, 08:00 ET

ST. PETERSBURG, Fla., Feb. 7, 2022 /PRNewswire/ -- Neptune Flood, the first AI-driven insurance company to provide faster, easier, and better flood insurance, has crossed the milestone of 100,000 policies on February 4, 2022, the company announced.

"Neptune has focused on building the best flood insurance company since its launch in 2018. Thanks to our customers and our agents for helping us hit 100,000 policies," said CEO Trevor Burgess. "We provide a first-class array of insurance products for home and business owners. Thanks to our outstanding team, our Triton AI platform has made quoting and binding an insurance policy faster and easier than has ever been possible."

Neptune started with a single offering of residential flood insurance in Florida in 2018. Since then, Neptune has grown to reach 48 states plus Washington DC with residential, commercial, and condominium flood insurance products. In October 2021, Neptune acquired Jumpstart Insurance Solutions, adding parametric earthquake to its portfolio of technology-based insurance products. The team has grown to 36 full-time employees across the country, working tirelessly to support the needs of customers and agents.

"As Neptune continues to grow, we thrive off the feedback from our agent network for new products and services we can offer," said Jean-Luc Eckstein, Neptune's Chief Customer Officer. "We're constantly updating our product suite, like increasing our coverage to $4 million in 2020, expanding to commercial and condominium products in 2021, and just this month adding Jumpstart parametric earthquake as an option in California, Washington, and Oregon. Our platform is always evolving to meet the needs of our customers and our agent network, and we cannot thank them enough for trusting Neptune."

Neptune offers higher coverage limits than the NFIP and five optional coverages, making the Neptune policy materially more protective than the base government form. Neptune's private flood insurance policy meets the qualifications for bank-mandated acceptance, which means that banks must accept Neptune as an NFIP alternative when flood insurance is required. Neptune's Jumpstart Parametric Earthquake product helps get consumers and businesses back on their feet after an earthquake by providing an instant injection of $10,000 to $50,000 with no drawn-out claims process.

Neptune Fast Facts

State with the most policies: Florida
State with the most policies per capita: South Carolina
States missing: Alaska and Kentucky, with Kentucky planned for 2022
Flood insurance policies that would not qualify for the NFIP (because clients picked better coverage than the NFIP offers): 60%
Most flood insurance building coverage: $4,000,000
Least flood insurance building coverage: $2,000
Flood insurance claims paid: Over $50,000,000
Insurance Carrier partnerships: Five
Headquarters: St Petersburg, FL
Employee locations: Florida, California, New York, North Carolina, Tennessee
Unique employee benefits: Unlimited paid time off, COVID vaccine incentives along with free masks and tests, home office stipend.

ABOUT NEPTUNE FLOOD:
Neptune Flood is the largest entirely digital flood insurance company in the United States and is the alternative to the NFIP. We were founded to change the way consumers and businesses think about and buy flood, and now, parametric earthquake insurance. Neptune uses AI-driven technology to make it fast and easy for consumers to buy and agents to sell insurance.

SOURCE Neptune Flood