Global insurance group AXA XL has agreed a deal to provide flood cover for homes across the United States.
It has signed a strategic underwriting partnership with Neptune Flood, the first all-digital flood insurance program administrator, that will allow Neptune to expand its insurance’s capacity to homeowners throughout the US.
Neptune offers agents and direct buyers the ability to quote and bind a flood insurance policy quickly, using advanced data analytics to deliver a custom quote for each residence.
Its fully-automated analytics-enabled service platform aims to deliver greater transparency to the traditionally 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.
Currently Neptune 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.
Chris Bressette, Senior Vice President and Head of AXA XL’s North America Program business explained: “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,” said Jim Albert, CEO of Neptune Flood Insurance. “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.”