FOR IMMEDIATE RELEASE
S&T Public Affairs, 202-254-2385
WASHINGTON – The Department of Homeland Security (DHS) Science and Technology Directorate (S&T) announced that it is extending a Phase 1 Other Transaction award of $199,948 to Synthetik Insurance Analytics under S&T’s Silicon Valley Innovation Program (SVIP) “Flood Data Collection and Analysis” solicitation. Synthetik received this award for the development of flood analysis technology capable of helping Federal Emergency Management Agency (FEMA) better understand and predict flooding, assess specific flood impacts on infrastructure and quantify those impacts more effectively.
Synthetik is the third applicant to receive an award under this S&T solicitation, which was issued to seek novel solutions to provide real-time flood data sources and data analysis in support of FEMA’s National Flood Insurance Program (NFIP).
“Synthetik’s technology could provide the NFIP a deeper understanding of potential flood impacts before they occur,” said Melissa Oh, SVIP Managing Director. “This, along with the ability to gather detailed information post-flooding, could reduce the time it takes to assess losses and help affected areas rebuild sooner.”
Synthetik is an insurance analytics startup focused on machine learning and artificial intelligence. Their platform provides data-centric insurance analytics to the global insurance industry, combining satellite and geospatial datasets for predictive insurance analytics. Their technology gathers data, like the source, location, and depth of floodwaters, to enhance the NFIP’s ability to assess the impact flood events may have on its policyholders.
“Each year, flooding leaves a trail of devastation and suffering nationwide. I’m excited about the potential of this new technology,” said Jeffrey Jackson, FEMA’s Deputy Assistant Administrator for Federal Insurance, which oversees the delivery of flood insurance for the NFIP. “Synthetik’s data may enhance our ability to predict and prepare for floods, and in turn help build more flood resilient communities.”
This award complements current DHS emergency management programs by supporting the development of innovative real-time data analysis technologies. Synthetik’s machine learning technology, combined with its physics-based modeling and simulation platform, will provide detailed consequence assessments for properties insured by the NFIP. By incorporating detailed data sets into models, this information could provide FEMA with a significant improvement over the current data available to predict and analyze flood damages.
Phase 1 Other Transaction authorities allow DHS to invest in promising new ideas without traditional government contracts like procurement contracts, grants and cooperative agreements.