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Business Observer Tuesday, Feb. 8, 2022 3 months ago

Flood insurance startup surpasses 100,000 policies

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St. Petersburg-based Neptune Food has expanded to 48 states since it launched in 2018.

ST. PETERSBURG — Insurtech startup Neptune Flood, led by former C1 Bank CEO Trevor Burgess, has written more than 100,000 policies since it was founded in 2018 by Jim Albert.

According to a news release, the St. Petersburg-based company, which says it’s the first flood insurance provider powered by artificial intelligence, surpassed the milestone Feb. 4.

"Neptune has focused on building the best flood insurance company since its launch in 2018. Thanks to our customers and our agents for helping us hit 100,000 policies," states Burgess, who succeeded Albert as CEO in 2019, in the release. "We provide a first-class array of insurance products for home and business owners. Thanks to our outstanding team, our Triton AI platform has made quoting and binding an insurance policy faster and easier than has ever been possible."

After its initial launch in Florida, Neptune Flood quickly expanded to 48 U.S. states and Washington, D.C., and saw its revenue rise from $1.5 million in 2018 to $7 million the next year. In October 2021, it acquired Jumpstart Insurance Solutions, adding earthquake insurance to its portfolio of technology-based policies.

"As Neptune continues to grow, … we're constantly updating our product suite,” Chief Customer Officer Jean-Luc Eckstein states in the release. “Our platform is always evolving to meet the needs of our customers and our agent network, and we cannot thank them enough for trusting Neptune."

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