AXA XL has entered a strategic underwriting partnership with all-digital flood insurance program administrator Neptune Flood Insurance.
The partnership will expand Neptune Flood Insurance’s capacity to homeowners in the US, a release said.
“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,” said AXA XL North America senior vice-president and head of program business Chris Bressette.
Bressette noted in a statement that Neptune has strong analytic capabilities, a deep understanding of related legislative issues, and an innovative client service platform.
Neptune provides coverage to residences in all flood zones – even non-mandatory “X” zones that have been especially vulnerable to flooding in recent years. The program administrator allows agents and direct buyers to quote and bind a flood insurance policy in minutes, by utilizing data analytics in its online 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,” commented Neptune Flood Insurance CEO Jim Albert.
Albert stated that the additional capacity and underwriting expertise that AXA XL brings to the table will expand the availability of private flood coverage.
“Neptune brings together three critical elements: the backing of global partners like AXA XL, the big data analytic capabilities of our Triton underwriting engine, and a client user experience that strives to be best in class,” added Neptune Flood Insurance chairman Trevor Burgess.