Akur8, the insurance pricing solution powered by transparent machine learning, is pleased to announce its new partnership with Quincy Mutual Group, one of the oldest and “respected” regional mutual insurance companies in the United States, “offering a wide range of insurance products to protect the property and liability needs of individuals and businesses.”
Quincy Mutual has selected Akur8’s comprehensive Core Platform solution.
This strategic move empowers their actuarial team “to quickly build comprehensive models, implement model testing into their pricing process, enhance rate evaluations, and incorporate a more data-driven approach for delivering meaningful insights to internal stakeholders.”
This partnership marks a significant “expansion of Akur8’s footprint in the U.S. mutual insurance sector.”
Developed explicitly for insurers, Akur8’s solution “enhances pricing processes by using proprietary machine-learning technology.”
The core benefits for the P&C insurance marketplace “include accelerated model building, transparent GLM outputs, and data-driven underwriting.”
Samuel Falmagne, CEO at Akur8, said:
“The Akur8 team is thrilled to team up with Quincy Mutual Group and provide our Core Platform solution to empower their pricing team. Partnering with such an established and reputable mutual insurance company such as Quincy signifies the continued growth for Akur8 within the U.S. mutual insurance market.”
Brune de Linares, Chief Client Officer at Akur8 said:
“Our alliance with Quincy Mutual is a testament to the strength of Akur8’s solution for U.S. insurance companies of all sizes across all lines of business. We are excited to build a strong partnership with Quincy Mutual as part of our ongoing expansion efforts within the U.S.”
Founded in 1851, Quincy Mutual has upheld its mission “to provide quality products and services to its policyholders. The company is an A+ rated company by A.M. Best, and has held the distinction for over sixty years. Quincy Mutual offers a wide range of personal home and auto insurance coverages, as well as commercial auto, business owners insurance, and umbrella insurance. With a promise to build on the integrity and values it has built over the past century, Quincy Mutual continues to implement innovative solutions such as Akur8 to provide the best service to its customers.”
Todd Lehmann, Chief Actuary at Quincy Mutual, noted:
“Teaming up with Akur8 and utilizing their Core Platform is a win-win scenario for us. It has empowered our pricing team to transform their prior rate review process, shifting to a more data-driven approach, while also increasing our overall speed to market and streamlining complex ratemaking and modeling tasks.”