Threat panel has additionally been expanded to incorporate 25 re/insurance coverage companions
US personal flood insurer Neptune Flood has secured over $300 million of premium capability for the 2024 hurricane season.
The insurer famous that the brand new capability signifies a dedication to offering a dependable different to the US authorities’s Nationwide Flood Insurance coverage Program (NFIP).
As a part of the elevated capability, Neptune Flood now has the aptitude to write down over $100 billion in insurance coverage to cowl its increasing buyer base. The agency’s danger panel has additionally been expanded, and now contains 25 insurance coverage and reinsurance companions, all of that are subscribed to Triton – Neptune Flood’s AI underwriting system – for environment friendly danger evaluation.
Neptune Flood famous that many householders should not conscious that their protection doesn’t embody harm brought on by flooding, which creates the necessity for a separate flood insurance coverage coverage. This has led to widespread underinsurance, with lower than 3% properties within the US having flood cowl.
With secured capability available, Neptune Flood defined that it will possibly now enable for tens of 1000’s extra properties to be coated forward of what’s projected to be a record-breaking hurricane season within the US.
“Securing this degree of premium capability is a powerful endorsement of our progressive strategy to flood insurance coverage. With Triton, we now have set a brand new benchmark for underwriting effectivity and accuracy, and our 25 companions are integral to our capability to ship distinctive service and protection to our clients at a good and correct worth. We thank our 2024-2025 panel of capability suppliers for his or her unwavering assist,” Neptune Flood CEO Trevor Burgess (pictured above) mentioned.
“Our mission is to redefine flood insurance coverage via the superior use of synthetic intelligence and machine studying. This extra capability permits us to higher serve our clients and assist our company companions as we head into the 2024 hurricane season and past,” managing director and CRO Matt Duffy added.
As of right this moment, Neptune Flood serves over 185,000 policyholders throughout the US through greater than 20,000 brokers nationwide.
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