Neptune Flood Acquires Knowledge Science Agency to Improve Its AI-Pushed Flood Insurance coverage – Cyber Tech

Non-public flood insurer Neptune Flood reported it has acquired Charles River Knowledge, a Boston-based information science consulting group. In accordance with Neptune, the strategic transfer will bolster its underwriting system by means of superior information science, machine studying, and synthetic intelligence capabilities.

Charles River Knowledge was based by information scientists from Google and BCG GAMMA to supply customized information science options on a project-level or ongoing foundation. Its group members have labored on geo-analytics, monetary modeling, statistical and causal evaluation, picture recognition, pure language processing, customized advertising, optimization and different machine studying instruments.

“This acquisition aligns completely with our dedication to leveraging the perfect expertise to revolutionize insurance coverage,” mentioned Trevor Burgess, CEO of Neptune Flood.

Mike Dezube, CEO of Charles River Knowledge, spent eight years as a knowledge scientist at Google earlier than co-founding Charles River Knowledge with Gleb Drobkov, most not too long ago a advisor at BCG X. Dezube will be a part of as Neptune’s chief information science officer and Drobkov as Neptune’s chief technique officer.

“Our experience in information science aligns seamlessly with Neptune’s imaginative and prescient of accuracy and effectivity in underwriting flood threat, and collectively, we’ll convey the business ahead setting new requirements as we go,” Dezube mentioned.

Florida-based Neptune, one of many largest digital-based flood insurance coverage corporations within the U.S., is an alternative choice to the federal authorities’s Nationwide Flood Insurance coverage Program (NFIP). Neptune gives non-public flood insurance coverage for residential, industrial, and condominium properties all through the nation. Its on-demand platform permits brokers and clients to cite and bind a coverage in minutes.

In October 2021, Neptune acquired Jumpstart, a parametric insurance coverage firm, including parametric earthquake to its portfolio.

Final October, the agency boasted of surpassing $200 million of premium in drive, bringing it to greater than 5% of the NFIP’s dimension.

Subjects
Mergers & Acquisitions
InsurTech
Flood
Knowledge Pushed
Synthetic Intelligence