Neptune Flood acquires data science company to improve its AI-based flood insurance

Private flood insurer Neptune Flood said it has acquired Charles River Data, a Boston-based data science consulting group. According to Neptune, the strategic move will strengthen its subscription system through advanced data science, machine learning and artificial intelligence capabilities.

Charles River Data was founded by data scientists from Google and BCG GAMMA to deliver custom data science solutions on a project level or on an ongoing basis. His team members have worked on geoanalytics, financial modeling, statistical and causal analysis, image recognition, natural language processing, personalized marketing, optimization, and other machine learning tools.

“This acquisition perfectly aligns with our commitment to leveraging best-in-class technology to revolutionize insurance,” said Trevor Burgess, CEO of Neptune Flood.

Mike Dezube, CEO of Charles River Data, spent eight years as a data scientist at Google before co-founding Charles River Data with Gleb Drobkov, most recently a consultant at BCG X. Dezube will join as director of data science at Neptune and Drobkov as director of data science at Neptune. strategy director.

“Our data science expertise aligns perfectly with Neptune’s vision of accuracy and efficiency in flood risk underwriting, and together we will move the industry forward, setting new standards as we go,” said Dezube.

Florida-based Neptune, one of the largest digital flood insurance companies in the U.S., is an alternative to the federal government’s National Flood Insurance Program (NFIP). Neptune offers private flood insurance for residential, commercial and condo properties nationwide. Its on-demand platform allows agents and clients to quote and bind a policy in minutes.

In October 2021, Neptune acquired Jumpstart, a parametric insurer, adding parametric earthquakes to its portfolio.

Last October, the company boasted that it had surpassed $200 million in current premiums, bringing them to more than 5% of the size of the NFIP.

Topics
Mergers and Acquisitions InsurTech Flood Data-Driven Artificial Intelligence