Neptune Flood, the first AI-driven flood insurance company to provide fast, easy and better flood insurance, has won the ‘Impact Award’ from the Novarica Insurance Technology Research Council, the largest purely peer-juried award in insurance technology, for its patent pending, AI-powered rating engine. More than fifty council members, all of whom are insurance industry Chief Information Officers, reviewed dozens of case studies to select the winners for the 9th annual awards.
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Launched in 2018, the company’s proprietary rating and quoting platform for automated risk assessment has transformed the normally complex flood insurance market into a patented two-minute exercise connecting customers, agents, Neptune Flood, and the global reinsurance marketplace. The platform has facilitated over 358% company growth in 2019 and a 4-month time to market for a new commercial flood product.
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“We are honored to be recognized by the industry for the work we’ve been doing and the product that we’ve built,” said Neptune President & CEO Trevor Burgess. “Neptune’s patent-pending AI-powered rating engine makes it easy to buy insurance by doing three things simultaneous all from a simple street address: first, we make a yes or no decision based upon over 50 different data elements, second, we set a price for that individual location and its particular attributes and third, we allocate that policy to one of our four global reinsurance markets based upon some very complex spatial radial disaggregation techniques.”
“Managing risk better is one of the most critical ways insurers can leverage technology to create new value. Increased availability of data creates an opportunity for insurers who can use analytics to select and price risk more effectively,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
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