Private flood insurance company Neptune Flood has acquired Charles River Data, a renowned Boston-based data science consulting group, marking a significant milestone in the company’s growth strategy.
According to the announcement, this strategic move aims to bolster Neptune Flood’s Triton underwriting system through advanced data science, machine learning, and artificial intelligence capabilities.
Based in Boston, Charles River Data is a leading data science consulting group with deep expertise in big tech and academia.
It specialises in developing sophisticated analytical tools and models that will enhance Neptune’s ability to analyse and underwrite flood risk with even greater precision and speed.
Trevor Burgess, CEO of Neptune Flood, 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.
“This acquisition aligns perfectly with our commitment to leveraging the best technology to revolutionise insurance.”
Matt Duffy, Chief Risk Officer at Neptune Flood, added: “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.”
Mike Dezube, CEO of Charles River Data, expressed enthusiasm about the opportunities this acquisition presents.
He stated: “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”
