Charles River Data, a data science consulting group based in Boston, has recently been acquired by Neptune Flood, a private flood insurer. This strategic move is intended to strengthen Neptune’s underwriting system by incorporating advanced data science, machine learning, and artificial intelligence capabilities.
Neptune Flood is known as one of the largest digital-based flood insurance companies in the U.S., offering 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 and growth in premium revenue, Neptune Flood is making a significant impact in the insurance industry, setting new standards and driving innovation in flood insurance underwriting.