Charles River Data, a data science consulting group based in Boston, has recently been acquired by Neptune Flood, a private flood insurer based in Florida. This strategic move is intended to strengthen Neptune’s underwriting system by incorporating advanced data science, machine learning, and artificial intelligence capabilities.
Neptune Flood, known as one of the largest digital-based flood insurance companies in the U.S., offers 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.
Founded by data scientists from Google and BCG GAMMA, Charles River Data specializes in offering customized data science solutions on a project-level or ongoing basis. Its team members have expertise in various areas such as geo-analytics, financial modeling, statistical analysis, image recognition, and machine learning tools. With this acquisition, Neptune will be able to leverage the advanced data science capabilities of Charles River Data to revolutionize the insurance industry.
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 will join Neptune as chief data science officer and Gleb Drobkov will serve as chief strategy officer both former executives from Charles River Data bringing their expertise to help drive innovation in flood insurance underwriting at Neptune Flood.