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.”
independent start - up Jumpstart has launched a range of products 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 . Jumpstart said the payment would be used in whatever way required for customers to get back on their feet . The firm would initially offer coverage protecting against earthquakes in 2011 .