Neptune Flood, an insurtech firm focused on the flood market, has added parametric earthquake to its portfolio of technology-based insurance products via the acquisition of Jumpstart Insurance Solutions.
Jumpstart leverages a parametric trigger approach to provide a set payout based on quake intensity, which unlike traditional quake cover, enables rapid payout post-event with no deductible, no adjusters, and no paperwork.
The insurtech’s quick coverage payout offers up to $10,000 for individuals and $20,000 for small businesses.
Neptune Chief Executive Officer (CEO), Trevor Burgess, commented: “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.”
During the acquisition period, Jumpstart remains available through waitlist in California, Oregon, and Washington at jumpstartinsurance.com. Neptune Flood’s agent network in those three states will have access to Jumpstart products in the coming weeks via the Neptune Agent Portal.
“Neptune’s agent force loves how simple we make it to buy insurance. Earthquake is a natural add-on to Flood Insurance as agents look to help their clients cover catastrophic risks,” said Jean-Luc Eckstein, Neptune’s Chief Customer Officer.
Kate Stillwell, now President of Jumpstart Parametric Insurance at Neptune, 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.”