Neptune Flood, an AI-driven insurtech firm, has acquired Jumpstart Insurance Solutions for an undisclosed sum to expand its product portfolio.
The acquired firm is a parametric insurtech that offers parametric earthquake policies.
Jumpstart’s parametric policies offer a set payout amount based on the intensity of the earthquake, rather than the cost of damage. This results in faster payouts and there is no deductible, no adjusters, and no paperwork.
Jumpstart’s quick coverage payout offers up to $10,000 for individuals and $20,000 for small businesses.
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 parametric insurance more broadly will help us fulfil our mission to use technology to change the way that consumers buy, and agents sell insurance.”
Jumpstart Parametric Insurance president Kate Stillwell said: “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.”
Neptune’s agents will have access to Jumpstart products in the coming weeks via the Neptune Agent Portal.
Earlier this year, Neptune Flood launched a new $30m premium capacity programme to expand the availability of flood insurance across the US.
