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.
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.
“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.
“We work every day to expand the availability of flood insurance in the US, including providing essential coverage to people and at risk homes that have never had flood insurance before, and we are thrilled that our peers appreciate our efforts,” said Founder and Chairman Jim Albert. “By making flood insurance easy to buy, affordable, and available in all flood zones throughout the country, we strive to help bridge the flood insurance coverage gap in the US.”
Neptune Flood’s case study, along with case studies of seven other winners, and more than 20 additional cases considered for Impact Awards, was published this week in Novarica’s 9th Annual Impact Case Study Compendium, online at https://novarica.com/compendium2020/. Novarica has published more than 220 case studies through this program since 2012.