Neptune Flood Reaches Milestone of 200,000 Policies and $250 Million of Premium in Force

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Sep 04, 2024, 07:00 ET

Largest Private Flood Insurance Company Enters New Chapter of Providing AI-Based, Affordable Solutions Across the US

ST. PETERSBURG, Fla., Sept. 4, 2024 /PRNewswire/ -- Neptune Flood, the largest private flood insurance company in the United States, has announced a significant milestone: 200,000 policies in force and $250 million of premium in force. This achievement marks a new chapter in Neptune's mission to provide innovative, affordable insurance solutions to customers across the United States.

Neptune Flood has disrupted the traditional flood insurance industry by harnessing the power of Artificial Intelligence (AI) and Machine Learning (ML) to streamline the customer experience and deliver competitive pricing. The company's rapid growth and recent accomplishments demonstrate the effectiveness of this approach.

"At Neptune, our mission is to use advanced technology to revolutionize the insurance industry," said Trevor Burgess, CEO of Neptune Flood. "Through the power of AI and ML, we've developed a seamless, efficient, and sustainable insurance ecosystem that includes our 25 insurance and reinsurance partners, our 200,000 customers, and tens of thousands of agents who engage with Neptune every month. We are grateful to each of these groups for their contributions in helping us reach these incredible milestones."

Neptune began its journey in 2018 with a single residential flood insurance offering in Florida. Since then, Neptune has expanded its presence to 49 states and Washington, D.C., now providing a comprehensive range of residential, commercial, and condominium flood insurance products. In October 2021, Neptune broadened its portfolio by acquiring Jumpstart Insurance Solutions, introducing parametric earthquake insurance to its suite of technology-drive offerings. In the second quarter of 2024, Neptune further enhanced its capabilities by acquiring Charles River Data, a data science consulting firm, and forming Neptune Data Science. This new division focuses on developing next-generation machine learning models to optimize the sale of flood and earthquake insurance.

In addition to technological advancements, Neptune's success is built on a strong network of agency partners. With over 15,000 agencies having bound a policy with Neptune, the company continues to expand its reach and enhance its service offerings.

"We are incredibly grateful to our agency partners who have played a crucial role in helping us achieve this milestone," said Jean-Luc Eckstein, Chief Customer Officer of Neptune Flood. "Their trust in Neptune and dedication to their customers have been instrumental in our growth. Together, we are making flood insurance more accessible and affordable for everyone."

Neptune Fast Facts

Policies in force: Over 200k
Premium in force: Over $250 million
State with the most policies: Florida
State with the most policies per capita: South Carolina
County with the most policies: Harris County, TX
Claims payments made on Neptune policies: Over $150 million
Event resulting in most claims: Hurricane Ian (2022)
Insurance and reinsurance partnerships: 25
Headquarters: St. Petersburg, FL
Areas served: 49 states and Washington, D.C. (Alaska coming soon)
Products offered: Primary and excess private flood insurance, parametric earthquake insurance

ABOUT NEPTUNE FLOOD:
Neptune Flood is the largest private 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 parametric earthquake insurance. Neptune uses AI and ML-driven technology to make it fast and easy for consumers to buy and agents to sell insurance.

SOURCE Neptune Flood