Neptune uses technology to take a different approach than that of the NFIP. Neptune is one of a growing number of private insurers. The mandatory nature of the product annoys some consumers, and many government maps showing flood zones are outdated. Historically, the National Flood Insurance Program was the only source for polices, and the NFIP’s complicated process can take up to two weeks. While there’s enormous opportunity in flood insurance, it’s also a tough sell. The same requirement holds true for businesses that are in a high-risk zone and are getting a Small Business Administration loan on a building. “A lot of what Neptune and Jim Albert are focused on is helping to educate Americans about the need to protect their most important asset, which is their home, from the risk of flooding.” Tough sellĪnyone who lives in a high-risk flood zone is required to buy flood insurance if they have a mortgage on their home. There’s a huge coverage gap that exists,” Burgess said. S., but the scientific data tells us that upwards of 62 million homes are at risk of flooding. “Currently there are five million flood insurance policies in the U. We have the people right here in our leadership team, let’s just switch roles and then we will each be focused on the things we are strongest at.”Ĭlimate change has brought an urgency to the company’s strategy. “I’m an experienced operating CEO and when we looked at what we wanted to accomplish in 2020, we looked at each other and said, we don’t need to go out and find someone else. He also is passionate about Neptune and its brand and helping expand that across the U.S.” Burgess said. “Jim’s passion is about evangelizing the need for Americans to buy flood insurance. A few weeks ago, Burgess switched roles with founder Jim Albert, who had been Neptune’s CEO. Petersburg, had served as chairman of Neptune since becoming the majority shareholder two years ago. Burgess, who was president and CEO of the former C1 Bank in St. Petersburg – with plans to move into the site in the spring.
Renovations will get underway next month on Neptune’s new headquarters – a former medical office in downtown St. The company also is building an insurance policy management system that will launch in parallel with the commercial insurance product. Petersburg-based insure-tech company, which taps advanced computing power to evaluate and price flood insurance policies, will launch a commercial flood insurance product in January, Trevor Burgess, president and CEO, said in an interview with the St. Neptune Flood will become one of the first private insurers to offer flood insurance to businesses early next year.
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