Neptune Flood, a flood insurance company based in St. Petersburg, Florida, has expanded its reach to all 50 states after securing over $400 million in premium capacity. This is a big step up from last year’s $300 million and highlights the company’s fast growth in the private flood insurance market.
The company’s growth is backed by a strong group of more than 30 insurance and reinsurance partners, including global reinsurers and specialty insurers. This wide support shows confidence in Neptune’s use of technology and its track record of delivering good results.
Neptune Flood started in 2017 and uses an artificial intelligence platform called Triton to offer flood insurance to both homeowners and businesses. This technology makes it easy for agents and customers to get quotes and finalize policies quickly, often in just minutes.
With its launch in Alaska, Neptune now offers coverage in every state. Matt Duffy, President of Neptune Flood, said the company’s expansion means more property owners across the country can get flood insurance easily through a fully digital process. He emphasized the importance of closing the flood insurance gap in the U.S. and said their technology and partners play a big role in making that happen.
This move comes after Neptune recently acquired a data science firm to strengthen its AI capabilities, showing the company’s focus on improving its technology to better serve customers. As flood risks continue to rise, Neptune Flood’s approach offers a simpler way for people to protect their homes and businesses from water damage.