Jan. 25, 2018 – Neptune Flood, a revolutionary flood insurance provider, announced today that it has secured over $2 Million in seed round funding. The investment was led by Trevor Burgess, the founder and former CEO of C1 Bank, with participation from existing investor and Neptune CEO, Jim Albert. The investment will help the company aggressively expand its sales and marketing efforts nationwide and accelerate the next generation of its data driven, private flood insurance technology. Trevor Burgess and Jonathan Carlon will join Neptune Flood’s Board of Directors.
The financing builds on a tremendous year for Neptune Flood (Neptune) which saw a rapidly growing roster of distribution partners eager to integrate the newly launched, innovative technology. Currently available in Florida, Virginia and Texas, Neptune will open across more than a dozen US states in early 2018. The product is available today via digital agencies, MGAs and strategic partnerships with homeowner’s insurance carriers. By summer 2018, Neptune will deploy a transformative direct to consumer platform, giving consumers the intuitive, effortless, online shopping experience they demand from other industries.
“Neptune utilizes advanced technology and predictive analytics to more accurately evaluate and price flood insurance. In less than three minutes, and without elevation certificates, homeowners can save up to 25% off their insurance with the National Flood Insurance Program (NFIP). It’s easy, cost effective, and secure,” said founder and CEO Jim Albert.
“Neptune Flood has an amazing combination of advanced analytics, a fun brand and a team that is passionate about helping manage the flood risk for the American consumer,” said investor Trevor Burgess adding, “Neptune Flood is not only for homes in high risk flood zones but for all homeowners who are concerned about protecting the value of their home.”
Key features and benefits of the Neptune private flood insurance policy include:
- Policies backed by A rated Lloyd’s, the world’s leading insurance market.
- Unprecedented customer experience and engagement, buy insurance in less than 3 minutes, without an elevation certificate or other documentation that is required to obtain government insurance (NFIP)
- Better pricing, higher limits, and coverage options not available through the NFIP
- Same day coverage, with no waiting period vs. 30-day wait for the NFIP
Chief Operating Officer, Stephanie Lee, who teamed with Jim to build the Neptune user experience and distribution model, added, “We have experienced tremendous demand from insurance agents who are tired of the slow and paper laden NFIP process. Neptune is so easy to quote and bind, provides superior coverage, and can often save money for consumers.”
“We are just starting our journey to change the way people think about and buy flood insurance – our data driven approach can help more families protect their homes during a flood event. The financial support and entrepreneurial spirit that Trevor Burgess and his team bring to the table will help us execute our vision in a first-class way,” said CEO Jim Albert.