Akur8, the insurance pricing solution powered by transparent machine learning, is pleased to announce that Georgia Farm Bureau Mutual Insurance Company, a company offering coverage for farm insurance in addition to virtually every line of insurance in the state of Georgia, has selected Akur8’s Core Platform solution to efficiently build high performing, explainable pricing models.
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:
“We are thrilled to team up with Georgia Farm Bureau Mutual Insurance Company and empower their pricing team to streamline predictive modeling with a more data driven approach, while also sharing actionable insights with key stakeholders. This partnership exemplifies the importance and attractiveness of Akur8’s solution for regional insurance providers within the mutual insurance market in the U.S.”
Brune de Linares, Chief Client Officer at Akur8 said:
“Our alliance with Georgia Farm Bureau Mutual Insurance Company demonstrates that Akur8 is a strong, reliable solution that upholds high standards for all types of insurance companies across all lines of business. We are excited to build upon this partnership as we continue to expand within the U.S.”
Steven Reslie, Actuary and Manager of Rate Development at Georgia Farm Bureau, said:
“Our team really values the speed of model creation and iteration, transparency and ease of reporting that Akur8’s Core Platform solution provides. Being able to review the indicated vs. predicted and then make a selection is something in the current pricing process that Akur8 helps make a lot more efficient. We also love that if a member of our team ever runs into a roadblock, Akur8’s live support is always there to help us resolve any issues that arise.”
As noted in the update, Akur8 is improving non-life insurance pricing “with Transparent AI.”
They aim to enhance actuarial capabilities “with their user- friendly, machine learning (ML) native solution, built on technology.”
Their cloud-based, fully integrated platform empowers insurers “to price at unprecedented speed, directly influencing financial outcomes and enhancing risk assessments.”
Insurers will be able “to navigate the dynamic, highly competitive market with unwavering confidence.”
Akur8 claims that it already “serves 120+ customers across 40+ countries, including AXA, Generali, Munich Re and MS&AD.”
Over 1300 actuaries use Akur8 daily “for pricing in all lines of business.”