Neptune Flood hits 200,000 policies and $250 million in premiums

Neptune Flood, a private flood insurance provider in the US, has hit a major milestone with 200,000 policies and $250 million in premiums.

This marks a new stage in the company’s efforts to deliver cutting-edge, affordable insurance options across the country.

Neptune Flood has revolutionised the traditional flood insurance model by using artificial intelligence (AI) and machine learning (ML) to simplify the customer experience and offer competitive pricing.

The company’s rapid growth and recent achievements reflect the success of this innovative strategy.

“At Neptune, our mission is to use advanced technology to revolutionize the insurance industry,” added 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 Flood started in 2018 with a single residential flood insurance product in Florida. Since then, it has grown to cover 49 states and Washington, D.C., offering a wide range of residential, commercial, and condominium flood insurance options.

Neptune expanded its portfolio in October 2021 by acquiring Jumpstart Insurance Solutions, adding parametric earthquake insurance to its lineup of tech-driven products.

In the second quarter of 2024, Neptune continued to enhance its capabilities by acquiring Charles River Data, a data science consulting firm, and establishing Neptune Data Science. This new division focuses on creating advanced machine learning models to refine the sale of flood and earthquake insurance.

Neptune’s success is also supported by a robust network of over 15,000 agency partners. The company’s extensive reach and improved service offerings are a testament to the strength of this network.

“We are incredibly grateful to our agency partners who have played a crucial role in helping us achieve this milestone,” commented 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.”

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