Akur8, the insurance pricing solution, is pleased to announce that MGS Seguros has chosen its pricing platform.
This new collaboration will empower its actuarial and pricing teams “to build powerful, explainable pricing models and establish a robust predictive modeling framework for its auto and home insurance products.”
This new partnership highlights MGS Seguros’ commitment “to innovation, while firmly establishing Akur8 as the top choice for non-life insurance companies seeking cutting-edge approaches to insurance pricing within the Spanish market.”
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.”
Daniel Vila, Head of Pricing at MGS Seguros, said:
“During the pilot phase, we were impressed by the efficiency of the Akur8 platform and its ability to meet our needs. We were able to import a large amount of data, create models for each coverage of our auto products, in an iterative and very agile way, and select the best model in a short period of time. We saved a considerable amount of time throughout the process, achieving a very efficient execution.”
Samuel Falmagne, CEO of Akur8 said:
“We are happy to welcome the MGS Seguros actuarial team to our user community and to provide them with our state-of-the-art cloud-based pricing platform. We are proud to further strengthen our presence in Spain, as this demonstrates both our ability to meet insurers’ needs and the fact that our solution is establishing itself in the market as a benchmark of excellence in the pricing process,”
As covered, Akur8 is focused on enhancing 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 pricing platform automates technical and commercial premium modeling.
It empowers insurers to “compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators.”
Akur8 already serves more than 120 customers “across 40+ countries, including AXA, Mapfre, Mutua Madrileńa, Santalucía, as well as the insurtechs Wakam and wefox. More than 1,000 actuaries use Akur8 every day to create their pricing models for all lines of business.”
MGS Seguros, founded in 1907 as Mutua General de Seguros, develops and distributes a wide range of insurance products and services “through an extensive professional distribution network.”
It provides a comprehensive offer to more than 400,000 clients, “covering all aspects of private and professional life, with a portfolio that exceeds 700,000 policies.”