In recent news, Charles River Data, a data science consulting group based in Boston, has been acquired by Neptune Flood, a private flood insurer. This strategic move is aimed at strengthening Neptune’s underwriting system by incorporating advanced data science, machine learning, and artificial intelligence capabilities.
Founded by data scientists from Google and BCG GAMMA, Charles River Data specializes in providing customized data science solutions on a project-level or ongoing basis. Its team members have expertise in geo-analytics, financial modeling, statistical analysis, image recognition, and machine learning tools. The acquisition of this talented team will enable Neptune to provide its customers with more accurate risk assessments and better pricing strategies.
Trevor Burgess, CEO of Neptune Flood, expressed excitement about the acquisition. He stated that it aligns perfectly with the company’s goal of using technology to revolutionize the insurance industry. Mike Dezube, CEO of Charles River Data and former Google data scientist, will join Neptune as chief data science officer. Gleb Drobkov, former consultant at BCG X, will serve as chief strategy officer.
Neptune Flood is known for being 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 coverage, Neptune recently acquired Jumpstart Insurance Company expanding its offerings to include parametric earthquake coverage. With its recent acquisition and growth in premium revenue
