Neptune Flood Launches First All-Digital, AI-Driven Commercial Flood Insurance Product for Small and Medium Sized Businesses
New Two-Minute Process Protects and Saves Main Street Businesses Money as Hurricane Season Approaches
ST. PETERSBURG, Fla., June 4, 2020 /PRNewswire/ -- Neptune Flood, the first all-digital, AI-driven, flood insurance company announced today that it now offers commercial flood insurance in 48 states available to small and mid-sized businesses needing protection and wanting to save time and money. Neptune Commercial Flood Insurance is available from over 10,000 Neptune agents across the country.
"Over the past two years we have built this amazing Artificial Intelligence-driven technology for our extremely popular residential flood insurance offering and realized that the need to save time and money and to have the best possible coverage was just as great for small and medium sized businesses as it is for homeowners," said Neptune President & CEO Trevor Burgess. "Currently, there are hundreds of thousands of businesses that are not properly insured from the catastrophic risk of flooding this upcoming Hurricane Season and now Neptune can help them."
Phase 1 of this rollout makes Neptune Flood available for non-residential businesses such as offices, retailers and restaurants, with Phase 2 extending the product to hotels, apartment buildings and condominiums later this summer. All Neptune Commercial Flood insurance policies are rated "A" (Excellent) by AM Best and are issued by AXA XL and Lloyd's.
To date, over 30,000 US households have selected the easy, fast and enhanced coverage insurance offered by Neptune Flood's original residential flood insurance product. Neptune's Artificial Intelligence Triton technology has transformed the normally complex flood insurance market into a patented two-minute exercise connecting customers, agents, Neptune and the global reinsurance marketplace. Thousands of licensed insurance agents in 43 states have recommended Neptune's residential insurance product to their customers.
The Neptune Commercial Flood Policy meets the bank mandatory acceptance rules meaning that small businesses now have an alternative to the federal government program. Neptune offers up to $2,000,000 in building coverage far exceeding the $500,000 of coverage offered by the NFIP. Neptune Commercial flood also offers a unique flood related business interruption insurance option with its policy that provides $500 of coverage to a business for each day it is closed. Flooding is generally not covered by standard business insurance policies
ABOUT NEPTUNE FLOOD:
Neptune Flood was founded in 2017 by insurance and technology industry veterans, including Chairman, Jim Albert, with a goal of bringing advanced analytics and extreme ease of use to the flood insurance market. Neptune Flood's policies are currently backed by some of the largest and most secure reinsurers in the world, rated "A" (Excellent) by AM Best. In January 2018, Neptune raised over $2mm in seed financing led by C1 Bank founder and former CEO Trevor Burgess who now serves as Neptune's President & CEO. Neptune filed for a patent on its revolutionary Artificial Intelligence engine in November 2019.
SOURCE Neptune Flood
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