InsurTech Neptune Flood has purchased Jumpstart Insurance Solutions, a parametric insurance company, for an undisclosed fee.
According to Reinsurance News, the deal will see Neptune add parametric earthquake to its portfolio of technology-based insurance products.
Founded in 2015, Jumpstart claims it democratises disaster insurance through its technology-driven, index-based approach that can deliver instant signup, affordable coverage and automatic pay-out based on quake intensity. Unlike traditional quake over, Jumpstart enables rapid pay-out post-event with no deductible, no paperwork or no adjusters.
Jumpstart’s quick coverage payout offers up to $10,000 for individuals and $20,000 for small companies.
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.”
Kate Stillwell – who will become president of Jumpstart Parametric Insurance at Neptune following the acquisition – added, “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.”
Copyright © 2021 FinTech Global
