Neptune Flood Acquires Data Science Firm Charles River Data to Enhance AI-Driven Flood Insurance Solutions

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May 01, 2024, 08:00 ET

ST. PETERSBURG, Fla., May 1, 2024 /PRNewswire/ -- Neptune Flood, the nation's largest private flood insurance company, today announced its acquisition of Charles River Data, a renowned Boston-based data science consulting group. This strategic move aims to bolster Neptune Flood's already cutting-edge Triton underwriting system through advanced data science, machine learning, and artificial intelligence capabilities.

Charles River Data contributes a prestigious background rooted in big tech and academia, enhancing Neptune's ability to analyze and underwrite flood risk with even greater precision and speed. "The integration of Charles River Data's expertise will enable us to expand our analytical capabilities, ensuring faster and more accurate flood risk assessments for our customers," said Trevor Burgess, CEO of Neptune Flood. "This acquisition aligns perfectly with our commitment to leveraging the best technology to revolutionize insurance."

Matt Duffy, Chief Risk Officer at Neptune Flood, emphasized the synergy between the two companies. "Joining forces with Charles River Data empowers us to enhance our Triton system with new layers of predictive analytics, machine learning, and generative AI, further solidifying our position at the forefront of the insurance technology industry," said Duffy.

Mike Dezube, CEO of Charles River Data, expressed enthusiasm about the opportunities this acquisition presents. "We are thrilled to join Neptune and contribute to a platform that is transforming an industry through data and AI. Our expertise in data science aligns seamlessly with Neptune's vision of accuracy and efficiency in underwriting flood risk, and together, we will bring the industry forward setting new standards as we go". Mike 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. Mike will join as Neptune's Chief Data Science Officer and Gleb as Neptune's Chief Strategy Officer.

This acquisition marks a significant milestone in Neptune Flood's growth strategy, following a series of technological innovations aimed at improving customer experience and operational efficiency. The company's commitment to investing in cutting-edge technology has positioned it as a leader in the flood insurance sector, capable of responding to the evolving needs of its customers.

About Neptune Flood: Neptune Flood is a technology-driven insurance company specializing in providing affordable, comprehensive flood coverage. Using an advanced AI-driven platform, Triton, Neptune leverages data analytics and machine learning to process over 30,000 quotes per day and offer efficient underwriting solutions and superior customer service, making flood insurance accessible for all.

About Charles River Data: Based in Boston, Charles River Data is a leading data science consulting group with deep expertise in big tech and academia. The company specializes in developing sophisticated analytical tools and models that enable businesses to harness the power of data for strategic decision-making.

SOURCE Neptune Flood