Neptune Flood Files Patent Application for its Triton Technology
ST. PETERSBURG, Fla., Nov. 14, 2019 /PRNewswire/ -- Insuretech Neptune Flood announced today that it has filed a patent application for its Triton technology covering "SYSTEMS AND METHODS FOR RISK SELECTION, RATING, DISAGGREGATION, AND ASSIGNMENT."
Neptune currently uses the Triton engine to power its revolutionary residential flood insurance product which is now available in 38 states. Triton allows a client, or their agent, to enter an address and based on that simple entry perform a complex series of risk, pricing, disaggregation and reinsurance carrier selection calculations instantaneously. Triton has enabled Neptune to run over half a million quotes for residential flood insurance in less than two years.
Trevor Burgess, Neptune's Chairman noted "Neptune's Triton technology has broad applicability across different types of insurance. Residential Flood Insurance has been a perfect first use case for Triton, and we look forward to launching additional products using the same underlying Triton engine in the coming months."
Triton is enabled by recent advancements in cloud computing power, as historically many of Triton's capabilities have been performed manually, after the fact, or were simply not possible. One element of the Triton engine uses real time advanced spatial radial analysis to spread risk so that no one reinsurer is overexposed to catastrophic hurricane risk. This capability to manage and monitor risk exposures in real time greatly reduces risk for Neptune's reinsurance partners.
"Triton goes beyond transforming traditional insurance business processes into code. We have fundamentally altered the way risk is selected, pricing is determined and how we allocate the resulting insurance policies among reinsurers," said Brad Schulz, Neptune's Chief Technology Officer.
This patent filing is the 12th as inventor for Neptune Chairman Trevor Burgess, the second for Brad Schulz, Neptune's CTO, and the first for both Jim Albert, the CEO of Neptune, and Jim Steiner Neptune's COO. Todd Timmerman and Jeff Fabian of Shumaker, Loop & Kendrick, LLP acted as counsel to Neptune in connection with the filing.
ABOUT NEPTUNE FLOOD:
Neptune Flood was founded in 2016 by insurance and technology industry veterans, including CEO Jim Albert, with a goal of bringing advanced analytics and extreme ease of use to the flood insurance market. Neptune Flood's policies are currently backed by some of the largest and most secure reinsurers in the world, rated "A" (Excellent) by A.M. Best. In January 2018, Neptune raised over $2mm in seed financing led by C1 Bank founder and former CEO Trevor Burgess who now serves as Neptune's Chairman.
Contact:
Loren Pomerantz
917-902-0219
[email protected]
SOURCE Neptune Flood
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