Neptune Flood

About Neptune Flood

Neptune Flood operates as a private flood insurance provider, positioning itself as a technology-driven alternative to the National Flood Insurance Program (NFIP) in the United States. The company was founded in 2016 by Jim Albert and Bill Martin, both veterans of the insurance and technology sectors. Albert's background includes roles as CIO at a regional insurer and president of a technology consulting firm, while Martin has held senior positions at major insurance carriers like Progressive and Travelers and also served as President of Bankers Insurance. Their combined experience in technology, data analytics, and insurance formed the foundation of Neptune's business model. The company launched its first product in Florida in early 2017 and later that year became a Lloyd's Coverholder, enabling its expansion across the U.S.

The company's core offering is flood insurance for residential, commercial, and condominium properties. It generates revenue through the sale of these insurance policies. Neptune's business model is centered on its proprietary AI-powered underwriting platform, Triton. This system utilizes advanced mapping, aerial remote sensing, and machine learning to analyze numerous data points and assess flood risk in real-time, allowing customers and agents to get a quote and bind a policy in minutes. This process eliminates the need for traditional elevation certificates, often resulting in a faster and more cost-effective experience for the consumer. By aiming for more accurate risk-based pricing, Neptune suggests it can offer savings compared to the NFIP. In addition to its primary flood insurance, Neptune expanded its portfolio by acquiring parametric insurance company Jumpstart in October 2021, adding earthquake coverage for select states.

A significant milestone in the company's development was a $2 million seed funding round in January 2018, led by Trevor Burgess, founder and former CEO of C1 Bank. Burgess subsequently joined as Chairman and now serves as CEO. His leadership, leveraging experience from taking C1 Bank public, has been instrumental in Neptune's growth. The company has since raised a total of $12.6 million over three funding rounds, including a $10 million Series A in March 2023 with investors Bregal Sagemount and FTV Capital. To further enhance its technological edge, Neptune acquired Charles River Data, a data science consulting group, in May 2024. This acquisition is intended to bolster the Triton system's predictive analytics and machine learning capabilities. As of mid-2025, Neptune reports having over 250,000 policies in force and works with more than 30 insurance and reinsurance partners.