Akur8, the insurance pricing solution powered by Transparent AI, announced that Swedbank has selected Akur8’s pricing platform to enhance its insurance pricing process.
By leveraging Akur8’s cloud-based, fully integrated platform, Swedbank is poised “to streamline its insurance pricing process, ensuring accuracy, transparency, and an improved customer experience.”
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.”
The collaboration between Swedbank and Akur8 comes “at a time when the insurance industry is undergoing significant transformation.”
Insurtech solutions, such as Akur8’s platform, are enhancing traditional insurance processes with modern tools based “on transparent AI, enabling companies to optimize pricing strategies and improve overall efficiency.”
Juris Kipluks, Head of Underwriting at Swedbank, said:
“During the onboarding, we were impressed with the range of functionalities in the Akur8 suite. The platform is a perfect fit with our development plan, and will enable us to improve efficiency in our modeling process. We were especially impressed with Akur8’s lightning-fast user support, which allows us to tap into technical expertise beyond just the platform, focus on the business side and accept new projects – all of which further strengthen our market positioning and serve our clients better.”
Akur8 is proud to embark on this new journey “with Swedbank and is dedicated to fostering a strong and collaborative partnership.”
Joanna Chardon, Chief Strategy and Product Officer at Akur8, said:
“We’re delighted to welcome a new client in the Baltics and to work alongside a carrier who shares our commitment to customer support. This synergy is all the more gratifying as we continue to invest significantly in the development of new functionalities and the user-friendliness and live support from our teams around the world. With this alignment, our support team can focus on addressing high-value inquiries.”
Julian Frank, Client Director at Akur8, said:
“We are glad to cooperate with Swedbank to continue working at the forefront of pricing sophistication, and we are proud to further strengthen our presence in the Baltics. We have worked very closely with Swedbank to ensure we understand their requirements, both from a technical as well as from a business viewpoint – and we are looking forward to a continued and fruitful collaboration with Swedbank.”
As noted in the update, Swedbank is a financial institution dedicated to “providing a wide range of banking and financial services to individuals, businesses, and corporations. With a strong focus on customer satisfaction and innovation, Swedbank continues to be at the forefront of the financial industry.”