Insurtech startup Jumpstart announces the official launch of an innovative type of natural disaster insurance in California, initially for earthquakes. Founded in 2015, Jumpstart stated its technology-driven, index-based approach delivers instant signup, affordable coverage, and automatic payout. “Starting with the earthquake risk in California, our first-of-its-kind policy builds financial resilience for our communities by closing a huge protection gap.” Here’s how Jumpstart works: Kate Stillwell, founder and CEO of Jumpstart, stated: “When a big quake strikes my hometown of Oakland, millions of families will be devastated financially – even more so than physically. Our immediate needs might be things we can’t anticipate – childcare expenses, or a place to stay for a month. Surprise costs can throw a wrench in not only your daily routine, but also your long-term financial sustainability. Just-enough money, at just the right time, allows each of us to stay in our communities and be part of the solution.”
Insurance start-up Jumpstart has launched a form of coverage aimed at providing more efficient pay-outs following natural disasters. Customers can sign up to a policy online and are then paid out automatically with a pre-defined sum following a claim. The company says it is the first insurance product that will be able to pay for itself in an emergency by paying claims from people who have been affected by disasters such as floods, earthquakes or forest fires. The firm will initially offer coverage protecting against earthquakes in California.