Neptune leans into AI to create “super agents”

Neptune Flood is leaning into AI across its platform, aiming to reshape how flood insurance is sold while expanding its reach in an underinsured market.

At the center is Atlas+, an agentic AI assistant embedded directly into the quoting workflow. The tool allows agents to ask questions, adjust coverage, generate sales materials, and move from quote to bind using natural language. Early beta usage shows thousands of interactions, with some policies already sold through AI-assisted engagement. The company’s goal is clear: turn traditional agents into “super agents” capable of selling more efficiently and consistently. “Last quarter, I spoke about turning agents into what we call super agents. We are now seeing that come to life.”

Neptune is also experimenting with distribution through conversational interfaces. A new integration with ChatGPT allows property owners to receive flood insurance quotes through a chat-based experience. For now, the company views this as a long-term channel rather than a primary driver, noting that most consumers still rely on agents when making insurance decisions.

Internally, Neptune is using AI to accelerate product development. Its in-house system, Proteus, acts as an AI software developer, writing code, reviewing it, and completing engineering tasks. In March alone, Proteus handled over 30% of engineering tickets, effectively boosting output by about 50% and compressing development timelines from weeks to hours.

These capabilities are built on a growing data advantage. Neptune has processed tens of millions of quotes and over one million policies, feeding underwriting and behavioral data back into its models. Management sees this as a compounding edge that could create a barrier to entry as AI adoption increases across the industry.

Financially, Neptune reported Q1 revenue of $37.8 million, up 29% year over year, with adjusted EBITDA of $21.6 million and margins above 57%. Management expects margins around 60% for the full year, suggesting further gains as AI reduces distribution friction and operational costs.

For now, the strategy is focused on agents. While chat-based buying may evolve, Neptune is betting that empowering the existing distribution channel with AI will drive the next phase of growth. “Since launching our new user-based log-in system in December, more than 45,000 individual agents have signed up for direct access to Neptune, and that number continues to grow daily.”