Neptune Flood Rating Engine Selected by 50+ Insurer CIOs for Novarica Impact Award

BOSTON–(BUSINESS WIRE)–#insuretech–Neptune Flood will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs. More than fifty CIO council members reviewed dozens of case studies to select the winners for the 9th annual awards.

Neptune Flood, an InsureTech startup launched in 2017, developed a rating and quoting platform leveraging AI for automated risk assessment. Developed by seven internal resources over 2.5 years, the platform facilitated 358% growth in 2019 and a 4-month time to market for a new commercial flood product.

“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.

“Neptune wants to make it easy to buy insurance by using the most advanced technology, and we are honored to receive this recognition from Novarica and the community of insurance industry leaders,” says Trevor Burgess, President & CEO of Neptune. “Neptune uses AI and cloud computing to produce a sub-two minute quote-to-bind process for both homeowners and small businesses across the United States.”

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.

About the Novarica Impact Awards

The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. CIO council members vote annually to recognize the efforts of their peers to use technology to drive business value in digital, data/analytics, core systems, and IT operations. No vendors, consultants, journalists, or members of the Novarica team participate in the selection committee, making the Novarica Impact Awards distinctive in being a purely peer-juried award.

The Novarica Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 300 insurer CIOs and senior executives. In addition to recognizing successful initiatives through the Impact Awards, members participate in anonymized studies and private, vendor-free events. More information at https://novarica.com/council/.

The Council is managed by Novarica, a research and advisory firm that helps more than 100 insurers make better decisions about technology projects and strategy through published research, advisory services, strategic consulting, and special programs. https://novarica.com/