Neptune flood supports underwriting with acquisition of Data Science firm

Neptune Flood, a prominent private flood insurer based in Florida, has made a significant strategic move by acquiring Charles River Data, a leading data science consulting group headquartered in Boston. This acquisition marks a pivotal moment for Neptune Flood as it seeks to enhance its underwriting system through the integration of advanced data science, machine learning, and artificial intelligence capabilities.

Founded by data scientists with extensive experience at prestigious companies like Google and BCG GAMMA, Charles River Data specializes in providing custom data science solutions tailored to specific projects or ongoing needs. The team at Charles River Data brings expertise in a wide range of areas, including geo-analytics, financial modeling, statistical and causal analysis, image recognition, natural language processing, personalized marketing, optimization, and other machine learning tools.

Neptune Flood acquires Charles River Data, it reflects Neptune Flood's unwavering commitment to leveraging cutting-edge technology to revolutionize the insurance industry. By integrating the expertise of Charles River Data's talented team, Neptune aims to elevate its underwriting process to new heights of accuracy and efficiency.

Trevor Burgess, CEO of Neptune Flood, expressed his enthusiasm for the acquisition, stating, "This acquisition aligns perfectly with our commitment to leveraging the best technology to revolutionize insurance." With the addition of Charles River Data's capabilities, Neptune is poised to set new standards in flood risk underwriting, driving innovation and progress within the industry.

Mike Dezube, CEO of Charles River Data, brings a wealth of experience from his tenure as a data scientist at Google. Alongside Gleb Drobkov, co-founder of Charles River Data and a former consultant at BCG X, Dezube will play a key role in Neptune Flood's leadership team. Dezube will assume the position of Neptune's chief data science officer, while Drobkov will serve as the company's chief strategy officer.

"Our expertise in data science aligns seamlessly with Neptune's vision of accuracy and efficiency in underwriting flood risk," remarked Mike Dezube. "Together, we will bring the industry forward, setting new standards as we go." The collaboration between Neptune Flood and Charles River Data holds the promise of driving significant advancements in flood insurance underwriting, benefiting both insurers and policyholders alike.

Neptune Flood, known as one of the largest digital-based flood insurance companies in the United States, offers private flood insurance solutions for residential, commercial, and condominium properties across the nation. As an alternative to the federal government's National Flood Insurance Program (NFIP), Neptune provides on-demand access to flood insurance through its user-friendly platform.

In October 2021, Neptune further expanded its portfolio by acquiring Jumpstart, a parametric insurance company specializing in earthquake coverage. This strategic acquisition diversified Neptune's offerings, providing customers with additional options for protecting their properties against natural disasters.

The acquisition of Jumpstart, coupled with the recent acquisition of Charles River Data, underscores Neptune Flood's commitment to growth and innovation within the insurance industry. By continuously expanding its capabilities and product offerings, Neptune aims to meet the evolving needs of policyholders while maintaining its position as a leader in the flood insurance market.

Last October, Neptune Flood celebrated a significant milestone, surpassing $200 million in premium in force. This achievement solidified Neptune's standing in the market, representing more than 5% of the size of the NFIP. With a strong track record of success and a commitment to excellence, Neptune Flood is well-positioned to continue driving growth and making a positive impact on the insurance landscape.

Neptune Flood's acquisition of Charles River Data represents a strategic move aimed at enhancing its underwriting capabilities and driving innovation in the flood insurance industry. With the addition of top-tier data science expertise, Neptune is poised to revolutionize the way flood risk is assessed and managed, ultimately benefiting insurers, policyholders, and communities at large.

Conclusion:

Neptune Flood's acquisition of Charles River Data marks a transformative step forward in the insurance landscape. By integrating advanced data science capabilities into its underwriting system, Neptune is poised to redefine flood risk assessment and management. This strategic move underscores Neptune's commitment to innovation and excellence, positioning the company as a leader in the flood insurance market. With a strong track record of success and a focus on meeting the evolving needs of policyholders, Neptune is well-positioned to drive growth and make a positive impact on communities nationwide. The collaboration between Neptune Flood and Charles River Data holds the promise of driving significant advancements in flood insurance underwriting, benefiting insurers, policyholders, and communities alike.