Home insurance start-up Hippo Insurance is working together with Neptune Flood – a “data-driven” flood insurance company – to provide Hippo’s customers with an easier, more comprehensive way to purchase flood insurance online.
According to a release, Hippo leverages AI to streamline the insurance quoting process, while Neptune utilizes advanced data analytics and mapping technologies to create flood risk algorithms and more accurate risk pricing. Through their partnership, Neptune’s API has been implemented into Hippo’s platform, speeding up the flood insurance purchasing process.
“Many of our customers, across Texas, Pennsylvania and California are in need of high-quality flood insurance to properly protect their homes and prized valuables,” Hippo Insurance co-founder and CEO Assaf Wand said. “Neptune Flood’s use of technology, expedited onboarding experience and fantastic coverage options makes them a perfect match for our modern home insurance coverage and seamless sign-up process.”
Aside from providing a seamless flood insurance purchasing experience, Neptune also offers coverage in both low and high-risk flood zones. A release said that the company’s coverage can help homeowners save as much as 20% compared to the federal NFIP’s coverage.
“Neptune is forming relationships with transformational distribution partners with a passion for changing the way households think about and buy insurance,” added Neptune Flood CEO Jim Albert. “Hippo is an example of our commitment to best in class partners who share our values in educating and helping our neighbors better protect their homes against the risk of flooding, while saving time and money.”
At present Hippo provides home and condo insurance coverage in 15 states, with plans to expand further. The insurtech also said that, thanks to its efficiencies, it can help homeowners save up to 25% on insurance costs, compared with traditional insurers.