A pioneer in artificial intelligence (AI)-driven flood insurance, Neptune Flood acquired Jumpstart Insurance Solutions, a leading parametric insurtech, and has added parametric earthquake to its portfolio of technology-based insurance solutions.
Neptune CEO Trevor Burgess, said, “Neptune is excited to have Jumpstart join our team where we work every day to make flood insurance, and now earthquake insurance, easier to navigate. Broadening our reach to the earthquake peril and to parametric insurance more broadly will help us fulfill our mission to use technology to change the way that consumers buy, and agents sell insurance. We want it to be fast, easy, and economical.”
The Jumpstart earthquake insurance program adopts a parametric approach in which a payout amount is based on quake intensity rather than damage costs. Rather than wait for weeks or months to receive the money, the policyholder receives it in a matter of days without deductibles, adjusters, or paperwork. Small businesses and individuals can get up to $20,000 in quick payouts from the Quick Coverage Program.
Kate Stillwell, now President of Jumpstart Parametric Insurance at Neptune, said, “The team and I are thrilled for Jumpstart and Neptune to join forces. We share a vision to revolutionize catastrophe insurance and close protection gaps. This acquisition will accelerate the expansion of parametric and make coverage accessible to more people, through Neptune’s distribution and capacity networks. And flood risk is the logical next peril for consumer parametric, which makes Neptune a natural home for Jumpstart. Plus, we’re excited to be part of the success story for one of the fastest-growing startups in the industry.”