AXA XL has entered a strategic digital flood insurance program administrator Neptune Flood to expand the reach of flood insurance policies in the US.
The deal will see AXA help Neptune expand the capacity to homeowners across the US.
Founded in 2016, Neptune offers insurance to residences in all flood zones, including non-mandatory “X” zones which have been subject to large floods in recent years. The platform offers agents and direct buyers the ability to quote and bind a flood insurance policy in minutes, leveraging advanced data analytics to deliver accurate, customer quotes for each residence.
Its entirely automated analytics-enabled service improves transparency of the space and lets homeowners price their home’s risk in real-time and find the best protection.
Neptune Flood CEO Jim Albert said, “We are very proud to partner with the world’s largest Commercial Property & Casualty insurer to accelerate Neptune’s growth, giving us the ability to expand our strategic alliances and coverage territory. The additional capacity and underwriting expertise of AXA XL will expand the availability of private flood and ultimately change the way homeowners buy flood insurance.”
Last year, Neptune closed a seed round on $2m from investors including C1 Bank founder Trevor Burgess and its own CEO Jim Albert. The funding was used to support the expansion of its sales and marketing efforts across the US and foster the development of its technology.
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