#Perks of neptune flood insurance full#

The market could be as big as $40 billion, according to Verisk. Private interest in the flood insurance market has been slowly building. The $2 million investment was led by Trevor Burgess, chairman of Florida real estate development firm TRB Development and the founder and former CEO of C1 Bank (Florida bank sold to Bank of Ozarks in 2016), with participation from existing investors and Albert, Neptune’s founder and chief executive officer.īurgess and Jonathan Carlon, president of TRB Development, will join Neptune Flood’s board of directors. She has also been a recruiter of insurance executives with CE Insurance Services and marketing manager for Sunshine State Insurance, a Florida domestic insurer. She was president, COO and chief marketing officer for Prepared Insurance from 2009-2016 before joining Neptune. Lee, COO for Neptune, has experience in the Florida insurance market. Prior to joining Bunker Hill in 2016, Martin was president of Bankers Insurance in Florida. In 2015, Martin founded consulting firm Tangibly Unique Strategies, which was later folded into Neptune. Prior to that, he was chief information officer for Bankers Insurance in Florida.Ĭo-founder Martin is CEO of Bunker Hill Insurance Group, a unit of Boston-based Plymouth Rock Assurance. Prior to starting Neptune, Albert was president of JDA Advisors, a Florida technology and data analytics firm. Neptune Flood was founded in 2016 by Jim Albert and Bill Martin. “If our partners have other states in their forecast, we can quickly consider and deploy for them,” she said.Īmong the agencies already offering Neptune Flood are Prosper Insurance, a Virginia Beach digital agency Rocket MGA, a digital managing general agency in Florida QuickInsured, a national technology enabled insurance agency headquartered in Ohio and Matic Insurance, a digital home insurance agency based in California that integrates with lenders. May: Tennessee, Washington, Michigan and Delaware.April: Hawaii, Mississippi, Connecticut and Arizona.March: Ohio, Illinois, New York and Massachusetts.February: Georgia, South Carolina, Maryland and Pennsylvania.She shared the subsequent planned roll-out: Neptune is currently writing in Florida, Texas and Virginia and will be launching in new states in four-week sprints, starting with January 29 t in California, New Jersey, North Carolina and Alabama. She said the API integration allows partners to adopt Neptune’s program directly into their rating platforms, quoting in sub-second response time.

#Perks of neptune flood insurance full#

“e are recruiting agencies that have evolved from the traditional model and are able to embrace the operational efficiency of a full service digital ecosystem,” Lee said, adding that Neptune is fully integrated with QuoteRush, a top homeowners comparative rater in Texas and Florida. However not all agencies will be considered. She said Neptune has been hearing from insurance agents “who are tired of the slow and paper laden NFIP process.” Lee said several of its strategic partners plan to also work with mortgage lenders and realtors. “We have a multi-channel approach to distribution, including strategic partnerships with MGAs and carriers,” she told Insurance Journal.

Neptune launched its insurance product in early 2017 in Florida, and has now achieved Lloyd’s Coverholder status with authority to provide flood insurance throughout the U.S.Ĭhief Operating Officer Stephanie Lee is spearheading distribution. Neptune Flood’s policies are currently backed by Lloyd’s of London. “It’s easy, cost effective and secure,” said Jim Albert, co-founder and chief executive officer. It says it offers “better pricing, higher limits, and coverage options not available through the NFIP” as well as same day coverage, with no waiting period as opposed to the 30-day wait that the NFIP requires. It promises a policy in less than three minutes, with no elevation certificates needed, and premium savings to homeowners up to 25 percent off what they would pay the National Flood Insurance Program (NFIP). Neptune utilizes advanced technology and predictive analytics to evaluate and price flood insurance.