AXA XL and Neptune Flood inked a deal that will help more than double Neptune’s capacity nationally. A Canadian digital insurance marketplace, has entered the American market with a liability insurance product tailored for educators in California. Cape Analytics and HazardHub are partnering to boost offerings for Cape Analytics’ insurance and reinsurance customers.
AXA XL and Neptune Flood, a digital private flood insurance program manager, have forged an underwriting partnership designed to more than double Neptune’s capacity across the U.S.
Neptune is now authorized to write coverage in all 50 states through the partnership with AXA XL. It was previously able to offer coverage in 37 states.
Neptune offers agents and direct buyers the ability to quote and bind a flood insurance policy in minutes, using advanced data analytics to deliver a custom quote for each residence. The company was founded in 2016 and uses a fully-automated analytics-enabled service platform that allows homeowners to price their home’s risk for flood in real-time. Neptune Flood offers coverage to residences in all flood zones, including non-mandatory “X” zones that have been hit so hard in recent years.
Apollo Insurance Solutions, a Canadian insurance marketplace, has entered the American market with a liability insurance product tailored for educators in California.
Thanks to a partnership with Jigsaw — a subsidiary brand of Gallagher — practitioners can now immediately get a quote, purchase the insurance via credit card, and have their policy emailed to them in real time by the Apollo Exchange in under five minutes. Because this insurance is mandatory, practitioners often need to acquire it before starting their work with students.
The Apollo Exchange launched in April of 2019, after closing a $1 million angel round of funding and several months of beta testing.
The company is led by Co-Founder and CEO Jeff McCann. The Apollo Exchange in Canada allows brokers to instantly quote, bind, and issue policy documents for hundreds of classes of small business in real time, or white label the exchange to sell directly from their website.
Cape Analytics will join up with HazardHub, so supplier of geospatial risk data, so it can provide property-specific hazard information for Cape Analytics’ insurance and reinsurance customers.
With this new arrangement, Cape Analytics now supplements its granular, loss-predictive features, such as Roof Condition Rating, with hundreds of contextual hazard-related data fields that can further enhance signal and understanding of overall property risk. Cape Analytics uses artificial intelligence and geospatial imagery to provide instant property intelligence that lets insurers more accurately assess a property’s risk and value.
Insurers can use HazardHub information in tandem with Cape Analytics property attributes to make more informed underwriting decisions at time of quote; further optimize inspection models for all hazard zones; and improve customer experience by suggesting relevant risk mitigation practices to policyholders.
Sources: AXA XL, Apollo Insurance Solutions, Cape Analytics