For example, nearly 80 percent of those with losses in Hurricane Harvey or Hurricane Florence did not have flood insurance, and a similar percentage were in zones not considered high risk by the NFIP. Q: Why are you in the flood insurance space when so few private insurers have done the same?Īlbert: I started Neptune because I saw a huge gap in the market, where every flood and hurricane exposed thousands of homeowners to the shock that they were not covered for flooding. Q: Can you describe your company in a sentence?Īlbert: Neptune is an InsurTech private flood company using advanced data analytics and technology to create a two-minute quote-to-bind process, helping to make flood insurance available to the tens of millions of Americans in need of better flood solutions. Now authorized in all 50 states and the District of Columbia, Neptune Flood is backed by global insurers and has policies in 38 states.īelow, Albert’s answers to a Q&A help flesh out the company’s mission, growth strategy and its InsurTech connections. A year later, Neptune touted its digital store as allowing users to quote and buy flood insurance in less than three minutes, with a five-day waiting period and no need for a surveyor to come to a customer’s home to generate an elevation certificate. Neptune, which is based in Florida, launched in 2017 with a promise of using advanced mapping technologies and aerial remote sensing to create sophisticated algorithms that help evaluate flood risks to more efficiently cover homeowners. A consumer service aimed at freelancers is set to follow later this year.Albert chose to build a company that is embracing the flood insurance market through a robust use of InsurTech. Significance of development: The start-up will use the funding to further its growth and offering for gig economy platforms. What's happening: Collective Benefits has secured £3.3m ($4.2m) in a seed funding round. Who's involved: London-based insurtech Collective Benefits, which offers health insurance and sick pay to freelance workers venture capital investor, Stride VC, and existing investors Delin Ventures, Insurtech Gateway and several angels from executives at Uber, Deliveroo and Urban. Ĭollective Benefits raises £3.3m in funding Significance of development: The partnership aims to offer advanced analytics to insurers. What's happening: Milliman and Enova Decisions have announced a strategic alliance. Who's involved: Consulting and actuarial firm, Milliman,and US technology and analytics company, Enova Decisions. According to Neptune, its technology provides a two-minute process for buying flood insurance. Significance of development: Louisiana is the second largest market for flood insurance in the US given its unique geography and history of catastrophic flooding. What's happening: Neptune Flood has officially opened for business in Louisiana becoming the 39 th US state it has launched in. Who's involved: Florida-based online flood insurance company Neptune Flood. Significance of development: A 2019 consumer survey conducted by market research firm GlobalData revealed customers are already weary about having their driving assessed and smaller telematic providers will not wish to lose customer trust or business to more high-profile offerings. The spokesperson added that inevitably as with any new technology there will be "things along the way that we can learn from and improve upon". When this issue became apparent in April 2019 we acted as quickly as possible to put things right and prevent anyone else experiencing similar problems or being disadvantaged in any way." The BBC reported more than 20 young drivers have told the Victoria Derbyshire programme they experienced technical issues with the app - in some cases causing them to either have their insurance cancelled, or end the policy themselves.Ī spokesperson for Carrot told InsuranceERM: “We are extremely sorry that some of our customers have had a poor experience with our Better Driver app and telematics devices. What's happening: Young drivers have allegedly been threatened with having their car insurance cancelled due to alleged faults with Carrot Insurance’s app that aims to make policies more affordable. Who's involved: Telematics provider Carrot Insurance App flaws 'drive' car insurance cancellations
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