Akur8, the insurance pricing solution powered by transparent machine learning, is please to announce that LB Forsikring, a Danish P&C insurance company, has selected Akur8’s Core Platform solution to increase their competitiveness.
This collaboration will allow LB Forsikring to quickly “adapt their pricing to dynamic and unpredictable market situations.”
Developed explicitly for insurers, Akur8’s solution “enhances pricing processes by using proprietary machine-learning technology.”
The core benefits for P&C insurers “include accelerated model building, transparent GLM outputs, and data-driven underwriting.”
Samuel Falmagne, CEO at Akur8 said:
“We are thrilled to partner with LB Forsikring, and help boost their pricing sophistication by providing them with the tools to carry out advanced price analysis, simulations and calculations while maintaining full transparency, auditability and control in their pricing.”
Julian Frank, Client Director at Akur8 said:
“We worked very closely with LB Forsikring to thoroughly understand their technical and business requirements. As a result, we are confident in our ability to help LB Forsikring better serve their customers and attract top talent for their pricing teams. We are looking forward to a continued and fruitful partnership.”
As noted in the update, Akur8 is enhancing “non-life insurance pricing with Transparent AI. We enhance actuarial capabilities with our user-friendly, machine learning (ML) native solution, built on cutting-edge 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 currently “serves 120+ customers across 40+ countries, including AXA, Generali, Munich Re and MS&AD.”
Over 1300 actuaries reportedly “use Akur8 daily for pricing in all lines of business.”
As mentioned in the announcement, LB Forsikring is “a Danish insurance company consisting of the insurance groups Lærerstandens Brandforsikring, Runa Forsikring, Bauta Forsikring and LB Erhverv.”
As a member-owned insurance company, it currently “counts 440,000 members, who are united in securing each other.”
LB Forsikring currently employs “around 900 skilled employees and is the fourth largest insurance company in the private market in Denmark.”
