Source: artificial intelligence
ST. PETERSBURG, Fla., March 10, 2020 /PRNewswire/ — Neptune Flood Incorporated, the first all-digital, online flood insurance company, today launched a live “Visualizer” of its patent-pending Triton technology, illustrating the AI engine at work processing every insurance quote throughout the country in real-time. Triton is a reactive artificial intelligence machine that has the early stages of limited memory artificial intelligence.
“It’s hard to visualize and understand Artificial Intelligence, so we built this window into our system to help explain the how it works,” said Neptune President & CEO Trevor Burgess. “Each dot on the live map represents a real-time policy being quoted, bringing transparency to our system.”
How it Works:
Triton instantly does three things simultaneously when an agent or customer enters an address looking for flood insurance coverage:
1. Makes a yes/no decision based on over 50 different data elements
- This is illustrated by a green or red dot
2. Determines the price of insurance for that specific risk
- This is illustrated by the size of the dot
3. Performs complex disaggregation techniques and risk calculations to determine which reinsurer will provide the insurance coverage
- This is illustrated by the colored bucket the dot ends up in
This live Triton visualizer resets each night and shows all three elements as each quote is processed through the AI engine thousands of times each day.
“We make it easy to buy insurance because our technology enables instant risk evaluation, pricing and the connection of customers, agents, Neptune and the global insurance markets.”
Born out of the expanding need for flood insurance across the country, Neptune Flood offers coverage to people in all flood zones. Unlike the NFIP, the company’s Triton engine offers highly accurate, real-time flood risk-evaluation, offering all homeowners the most accurate understanding of their insurance needs.
Neptune Flood’s fully automated service brings transparency to this traditionally opaque and complicated process by allowing homeowners to price their home’s risk for flood in real-time via AI and sophisticated data analytics to get simple quotes and to buy appropriate flood insurance in under two minutes. This streamlined process includes reducing lengthy waiting periods and eliminating the need for costly elevation certificates.
ABOUT NEPTUNE FLOOD:
Neptune Flood was founded in 2016 by insurance and technology industry veterans, including Chairman 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 President & CEO.
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SOURCE Neptune Flood