Jumpstart offers parametric earthquake insurance that provides immediate cash payouts to individuals and small businesses after seismic events, ensuring financial support for urgent needs like childcare and unexpected expenses. By eliminating paperwork and adjusters, Jumpstart guarantees a hassle-free process, allowing customers to access funds quickly when they need them most.
Funding
Funding not disclosed
Founders
Product
Problem
Following an earthquake, individuals and small businesses often lack immediate access to funds for urgent needs, facing delays due to traditional insurance processes involving paperwork and adjusters. This can hinder their ability to cover essential expenses like childcare or unexpected business costs during the critical recovery period.
Solution
Jumpstart provides parametric earthquake insurance that offers immediate cash payouts after a qualifying seismic event, ensuring rapid financial support. Utilizing data from the USGS, Jumpstart automatically triggers payouts based on the earthquake's magnitude in the insured's geographic area, eliminating the need for claims adjusters or extensive documentation. This approach allows policyholders to quickly access funds for immediate needs, bridging the gap before traditional insurance or government assistance becomes available. Coverage is available for both individuals and small businesses, providing a financial safety net during the initial recovery phase.
Target Audience
Jumpstart targets individuals and small business owners in earthquake-prone regions who seek immediate financial assistance to cover urgent needs following a seismic event.
Features
- Parametric trigger: Payouts are automatically initiated based on USGS data regarding earthquake magnitude in the insured area.
- Immediate payout: Policyholders receive funds quickly, without the delays associated with traditional claims processes.
- No adjusters or paperwork: The parametric model eliminates the need for claims adjusters and extensive documentation.
- Coverage for individuals: Policies provide a fixed cash benefit to cover immediate personal needs after an earthquake.
- Coverage for small businesses: Policies offer a fixed cash benefit to help small businesses address urgent operational expenses.
- Servicing areas: Currently serving California, Oregon, and Washington.