Akur8, the insurance pricing solution powered by transparent machine learning, is pleased to announce that MAPFRE, the 9th largest insurance company in Europe and the 17th largest insurer globally according to S&P Global Ratings, has reportedly “selected Akur8’s RISK and RATE modules.”
This choice will empower MAPFRE’s actuarial team “to build powerful, explainable pricing models and establish a robust predictive modeling framework.”
Through this agreement, Akur8 reinforces its foothold in the Spanish market and “underscores its significance as a preferred choice for major players in non-life insurance pricing.”
Specifically developed for insurers, Akur8’s solution empowers pricing teams to make better decisions, faster, “by automating risk modeling using proprietary transparent machine learning technology.”
The core benefits for insurers “include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control of the models created.”
Samuel Falmagne, CEO at Akur8, said:
“Once again, Akur8 has proven to be the right solution for a major player in the Spanish insurance market. We are proud to extend a warm welcome to MAPFRE Spain as our valued client, and are excited to enhance their insurance pricing process, specifically for their auto line of business.”
Joanna Chardon, Chief Strategy and Product Officer, said:
“Collaborating with MAPFRE holds significant importance for Akur8. The convergence of Data Science and Actuarial Science is steadily drawing nearer, and we take pride in offering MAPFRE’s actuarial team a cutting edge platform that caters to their requirements in addressing business challenges while managing extensive datasets with transparency and ethical standards.”
Jose Maria Castelo, Senior Advisor at Akur8, said:
“From an advisory point of view, I have observed for several years deep and moving trends in the Spanish insurance market. Numerous factors influence the entire pricing value chain, including regulatory developments, inflation, the need for transparency and ethics, and more. From this standpoint, Actuaries in non-life, and in particular in Auto are facing a situation that has never taken place in the past, the combination of: relevant changes in driver´s habits, the introduction of ADAS and EVs and specially, double digit increases of premiums driven by hyperinflation. From data cleansing to the definition of the commercial premium, Akur8 is offering a platform that tackles all those business challenges and pricing needs.”
As noted in the update, Akur8 is improving non-life insurance pricing “with Transparent Machine Learning, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control.”
Their modular pricing platform “automates technical and commercial premium modeling. With Akur8, time spent modeling is reduced by 10x, the models’ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%.”
Akur8 already says it “serves 100+ customers across 40+ countries, including AXA, Generali, Munich Re and MS&AD. Over 900 actuaries use Akur8 daily to build their pricing models across all lines of business.”