“Neptune is excited to have Jumpstart join our team where we work every day to make flood insurance, and now earthquake insurance, easier to navigate,” said Neptune CEO Trevor Burgess. “Broadening our reach to the earthquake peril and to parametric insurance more broadly will help us fulfill our mission to use technology to change the way that consumers buy, and agents sell, insurance. We want it to be fast, easy, and economical.”
Unlike traditional earthquake insurance, Jumpstart uses a parametric approach to provide a set payout amount based on the quake intensity, rather than the cost of damage. The policyholder receives the funds in a matter of days instead of weeks or months with no deductible, no adjusters, and no paperwork. Quick coverage payout offers up to $10,000 for individuals and $20,000 for small businesses.
During the transition, Jumpstart is available via waitlist in California, Oregon, and Washington at jumpstartinsurance.com. Neptune’s extensive agent network in those three states will have access to Jumpstart products in the coming weeks via the Neptune Agent Portal. “Neptune’s agent force loves how simple we make it to buy insurance. Earthquake is a natural add-on to Flood Insurance as agents look to help their clients cover catastrophic risks,” said Jean-Luc Eckstein, Neptune’s Chief Customer Officer.
“The team and I are thrilled for Jumpstart and Neptune to join forces,” said Kate Stillwell, now President of Jumpstart Parametric Insurance at Neptune. “We share a vision to revolutionize catastrophe insurance and close protection gaps. This acquisition will accelerate the expansion of parametric and make coverage accessible to more people, through Neptune’s distribution and capacity networks. And flood risk is the logical next peril for consumer parametric, which makes Neptune a natural home for Jumpstart. Plus, we’re excited to be part of the success story for one of the fastest-growing startups in the industry.”
