Neptune Flood, a private flood insurer, recently announced its 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.
Founded by data scientists from Google and BCG GAMMA, Charles River Data 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, stating 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, along with Gleb Drobkov, who will serve as the chief strategy officer.
Neptune Flood, based in Florida, is known as one of the largest digital-based flood insurance companies in the U.S., offering private flood insurance for various types of properties nationwide. The company’s on-demand platform allows agents and customers to quickly obtain quotes and bind policies in minutes.
In addition to the recent acquisition of Charles River Data, Neptune acquired Jumpstart, a parametric insurance company specializing in earthquake coverage, in October 2021. The company has also surpassed $200 million in premium in force, representing more than 5% of the size of the National Flood Insurance Program (NFIP).
Overall, 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.