Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy.
It’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US.
Chris Bressette, Senior Vice President and Head of AXA XL’s North America Program Business described private residential flood insurance as having emerged as a rare growth opportunity in an otherwise crowded P&C market.
“We are thrilled to be working with such a capable Delegated Program Administrator partner. Neptune has very strong technical analytic capabilities, a deep understanding of related legislative issues, and a unique and responsive client service platform,” said Bressette.
Chief Executive Officer of Neptune Jim Albert, added, “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,”
Trevor Burgess, Chairman of Neptune Flood Insurance, added, ‘Neptune brings together three critical elements: the backing of global partners like AXA XL, the big data analytic capabilities of our Triton underwriting engine, and a client user experience that strives to be best in class.”