BOSTON and ST. PETERSBURG, FL, Sept. 11, 2019 /PRNewswire/ -- AXA XL, a division
of AXA, and Neptune Flood, the first
all-digital flood insurance Program Administrator, have entered a
strategic underwriting partnership intent on expanding Neptune
Flood Insurance's capacity to homeowners throughout the US.
According to Chris Bressette,
Senior Vice President and Head of AXA XL's North America Program
business, "Private Residential Flood Insurance in the US has
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."
"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," said
Jim Albert, CEO of Neptune 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."
Neptune Flood offers coverage to
residences in all flood zones, including non-mandatory "X" zones
that have been hit so hard in recent years. As evidenced by
Hurricanes Harvey and Florence, more than 70% of the losses were to
homeowners without insurance, and over 70% were in flood zones
where they were not required to have flood insurance.
Neptune offers agents and direct buyers the ability to quote and
bind a flood insurance policy in minutes, using advanced data
analytics to deliver an accurate, custom quote for each
residence.
Neptune Flood's fully-automated
analytics-enabled service platform brings transparency to the
traditionally opaque and complicated process of buying flood
insurance by allowing homeowners to price their home's risk for
flood in real-time to obtain the protection that is right for
them.
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ABOUT NEPTUNE
FLOOD
Neptune Flood was
founded in 2016 by insurance and technology industry veterans,
including CEO Jim Albert, with a goal of bringing advanced
analytics and extreme ease of use to the flood insurance market. 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 Chairman.
ABOUT AXA
XL
AXA XL, the property
& casualty and specialty risk division of AXA, provides
insurance and risk management products and services for mid-sized
companies through to large multinationals, and reinsurance
solutions to insurance companies globally. We partner with those
who move the world forward. To learn more, visit
www.axaxl.com
ABOUT AXA XL
INSURANCE
AXA XL Insurance
offers property, casualty, professional, financial lines and
specialty insurance solutions to mid-sized companies through to
large multinationals globally. We partner with those who move the
world forward. To learn more, visit www.axaxl.com
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SOURCE AXA XL