Neptune Flood, a US-based insurtech company, has announced the acquisition of Charles River Data, a data science consulting group, for an undisclosed sum.
The acquisition is expected to enhance Neptune’s Triton underwriting system with advanced data science, machine learning and AI.
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Charles River Data, headquartered in Boston, is known for its expertise in big tech and academia, specialising in the development of analytical tools and models.
These tools are designed to empower businesses to leverage data for strategic decision-making.
The integration with Neptune is expected to refine the company’s ability to analyse and underwrite flood risk with increased precision and speed.
As the new chief data science officer of Neptune, Mike Dezube, the CEO of Charles River Data, brings with him eight years of experience working as a data scientist at Google.
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By GlobalDataHis co-founder, Gleb Drobkov, previously a consultant at BCG X, will take on the role of chief strategy officer at Neptune.
Neptune Flood CEO Trevor Burgess said: “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.”
Dezube added: “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”.
Earlier in February, Neptune introduced its excess flood insurance product catering to residential, commercial and condominium properties.
This policy offers coverage beyond the maximum limit available through the National Flood Insurance Program (NFIP), allowing customers to maintain their NFIP policy while still receiving market rate coverage.
It also aims to fill coverage gaps and safeguard against losses that exceed NFIP limits.
