Last Updated: July 22, 2022

Flood InsurTech Neptune Partnered Up With SIAA 

 

In a recent insurance partnership, Neptune Flood Insurance announced a partnership with Strategic Insurance Agency Alliance (SIAA), nation’s largest independent insurance agency alliance. The move is seen as an effort by both companies towards achieving greater growth opportunities and providing inclusive coverage solutions for all types. 

The partnership will allow SIAA member agencies access to Neptune’s quick flood policy, which offers more coverage than the standard National Flood Insurance Program (NFIP). 

The insurer claims that Neptune provides insurance with limits that are eight times higher than those of the National Flood Insurance Program (NFIP). It also offers a wide range of additional coverage choices, including short-term housing costs, coverage for detached buildings, pool repair and refilling, replacement cost for contents, coverage for basement contents for homeowners, and business interruption insurance to aid businesses in recovering from a flood event. 

“Neptune Flood makes it fast and easy for agents to obtain flood insurance for their customers while also providing superior coverage to the traditional NFIP,” said Trevor Burgess, President and CEO of Neptune. “As the largest nationwide alternative to the NFIP, Neptune is uniquely positioned to meet the scale and needs of SIAA member agencies and their customers.  We are honored to partner with SIAA.” 

SIAA COO Jeff Holmes said, “Our partnership with Neptune fulfills a growing demand for private flood insurance options, and alternatives to the coverage available through the National Flood Insurance Programme. By adding Neptune Flood to our platform, member agencies will be able to offer their clients an outstanding flood coverage option, in an efficient, data-driven manner, often at considerable savings.” 

Neptune Flood is available to SIAA member agencies through SIAA MarketFinder, the organization’s online hub for specialized and hard-to-place risks. 

Successful partnerships as such might help insurance companies embrace cutting-edge technology faster, cut operational costs, expand their distribution network, and boost customer retention. The future market position of insurance companies will be significantly influenced by the success of these partnerships. 

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