Neptune Flood, a digital-based flood insurance company known for its on-demand platform, has recently announced the acquisition of Charles River Data, a data science consulting group based in Boston. This strategic move is expected to enhance Neptune’s underwriting system by incorporating advanced data science, machine learning, and artificial intelligence capabilities.
Charles River Data was founded by data scientists from Google and BCG GAMMA and offers custom data science solutions on a project-by-project or ongoing basis. The team has expertise in various areas such as geo-analytics, financial modeling, image recognition, natural language processing, and machine learning tools. Trevor Burgess, CEO of Neptune Flood, expressed his excitement about the acquisition and stated that it aligns perfectly with the company’s commitment to leveraging technology to revolutionize insurance.
Mike Dezube, CEO of Charles River Data, brings eight years of experience as a data scientist at Google and will join Neptune as the chief data science officer. Gleb Drobkov will serve as the chief strategy officer. Both executives are expected to play a crucial role in integrating Charles River Data’s capabilities into Neptune’s underwriting system and driving innovation in the industry.
Neptune Flood is known for its technological advancements in flood insurance and has surpassed $200 million in premium in force. This represents more than 5% of the size of the National Flood Insurance Program (NFIP). In addition to this acquisition, Neptune also acquired Jumpstart, a parametric insurance company specializing in earthquake coverage in October 2021. The company’s on-demand platform allows agents and customers to quickly obtain quotes and bind policies in minutes.
The acquisition of Charles River Data is poised to enhance Neptune Flood’s capabilities in underwriting flood risk and drive the industry forward by setting new standards in accuracy and efficiency. By leveraging advanced data science techniques and incorporating machine learning capabilities into their underwriting process, Neptune Flood aims to revolutionize flood insurance for properties nationwide.
