Neptune Flood, a digital-based flood insurance company based in Florida, has recently announced its acquisition of Charles River Data, a data science consulting group based in Boston. This strategic move is intended to strengthen 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 specializes in offering customized data science solutions on a project-level or ongoing basis. The team at Charles River Data has expertise in various areas such as geo-analytics, financial modeling, statistical analysis, image recognition, and machine learning tools.
Trevor Burgess, CEO of Neptune Flood, expressed excitement about the acquisition stating that it aligns perfectly with the company’s goal of using technology to revolutionize the insurance industry. Mike Dezube, CEO of Charles River Data and former Google data scientist will join Neptune as chief data science officer while Gleb Drobkov former consultant at BCG X will serve as chief strategy officer.
Neptune Flood is one of the largest digital-based flood insurance companies in the U.S., offering private flood insurance for residential, commercial and condominium properties nationwide through an on-demand platform that allows for quick policy quotes and bindings. In addition to flood insurance, Neptune recently acquired Jumpstart, a parametric insurance company expanding its offerings to include parametric earthquake coverage. With its recent acquisition and growth in premium revenue, Neptune Flood is making a significant impact in the insurance industry setting new standards and driving innovation in flood insurance underwriting.