Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy, has filed a patent application for its Triton technology.
Triton powers Neptune’s residential flood insurance product’s ability to executive a series of risk, pricing, disaggregation and reinsurance carrier selection calculations instantaneously based on basic information supplied by a client.
Neptune’ says Triton has enabled it to run over half a million quotes for residential flood insurance in less than two years.
The technology is enabled by recent advancements in cloud computing power, as historically many of Triton’s capabilities had been performed manually, after the fact, or were simply not possible.
One element of the Triton engine, notes Neptune, uses real time advanced spatial radial analysis to spread risk so that no one reinsurer is overexposed to catastrophic hurricane risk.
“Neptune’s Triton technology has broad applicability across different types of insurance,~” said Trevor Burgess, Neptune’s Chairman.
“Residential Flood Insurance has been a perfect first use case for Triton, and we look forward to launching additional products using the same underlying Triton engine in the coming months.”
Brad Schulz, Neptune’s Chief Technology Officer, added, “Triton goes beyond transforming traditional insurance business processes into code. We have fundamentally altered the way risk is selected, pricing is determined and how we allocate the resulting insurance policies among reinsurers.”