Neptune Flood, the nation’s largest private flood insurance company, has acquired Charles River Data in a bid to enhance AI-driven flood insurance solutions.
The firm is aiming to strengthen its Triton underwriting system by incorporating advanced data science, machine learning, and artificial intelligence capabilities from Charles River Data.
The acquisition has been driven by the strategic goal of enhancing the analytical capabilities of Neptune’s Triton system.
By integrating Charles River Data’s expertise, Neptune Flood seeks to offer faster and more accurate flood risk assessments to its customers, aligning with its commitment to leveraging technology to revolutionise insurance.
Mike Dezube, CEO of Charles River Data, expressed excitement about the acquisition, stating, “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”.
By investing in cutting-edge technology and incorporating advanced data science capabilities, Neptune Flood strengthens its position as a leader in the flood insurance sector, capable of meeting the evolving needs of its customers.
Matt Duffy, Chief Risk Officer at Neptune Flood, emphasised the synergy between the two companies. “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.”
Trevor Burgess, CEO of Neptune Flood, added, “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.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
