US-based insurance agency network Indium has joined forces with Neptune Flood to gain access to an AI-powered flood insurance platform.

The partnership will bring to agency partners of Indium, previously known as MarketSource Agency Network, an instant flood solution.

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This solution is said to offer a wider coverage than the National Flood Insurance Program (NFIP) under FEMA.

The insurtech offers coverage options such as pool repair & refill, replacement cost on contents, temporary living expenses, and unattached structures.

Among other coverage options are basement contents for homeowners, and business interruption solutions for businesses.

Neptune chief customer officer Jean-Luc Eckstein said: “We are thrilled to partner with Indium and their network of agents. Neptune Flood makes it fast and easy for agents to obtain flood insurance for their clients while also providing superior coverage to the traditional NFIP. Neptune is the preferred alternative to the NFIP, offering personal, commercial, and RCBAP.”

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Indium CEO Chad Eddy said: “We are on a mission to enable our agency partners to thrive by giving them access to the most relevant markets and resources. Neptune Flood changes the game for obtaining flood insurance by saving time and making it easy for agents and their clients.”

Recently, Neptune Flood bought Jumpstart Insurance Solutions, which offers parametric earthquake policies.

Unlike other parametric insurers, Jumpstart offers a set payout amount based on the intensity of an earthquake.

Earlier this year, Neptune Flood launched a $30m premium capacity programme to offer its flood insurance cover across the US.