Akur8, the insurance pricing solution powered by “transparent” machine learning, is pleased to announce its partnership with Millennial Specialty Insurance, LLC (MSI), which is said to be one of the largest non-carrier-affiliated managing general agencies in the United States.
MSI has selected Akur8’s Risk and Rate modeling solution “to empower their pricing team to streamline decision making processes by leveraging Akur8’s innovative approach.”
Through this agreement, Akur8 says that it continues its growth “within the personal insurance marketplace in the U.S.”
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 excited to collaborate with MSI, a leading managing general agency dedicated to creating and scaling quality insurance products, that will utilize Akur8’s solution to build high performing pricing models. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for innovative insurance providers within the P&C market.”
Brune de Linares, Chief Client Officer at Akur8 added:
“Partnering with a successful company like MSI serves as an example that Akur8 is a premier pricing solution for all sizes of insurance companies across all lines of business.”
MSI offers an expanding suite of products, “from fully digital embedded renters coverage to high-value homeowners insurance and sophisticated commercial coverages, such as umbrella and habitational property.”
With more than one and a half million customers and over $900 million “in written premium, MSI aims to craft solutions for important risks facing individuals and businesses.”
Fan Feng, Predictive Modeling Manager, MSI:
“We are excited to collaborate with Akur8 to enhance our risk and rate modeling capabilities. We are committed to providing our clients with more accurate and tailored insurance solutions to drive better outcomes, and this collaboration will allow us to leverage innovative technology to enhance our risk assessment capabilities, streamline our operations, and deliver competitive pricing to our clients.”
As covered, Akur8 is enhancing “non-life insurance pricing with Transparent Machine Learning, boosting insurers’ pricing capabilities with speed and accuracy across the pricing process without compromising on auditability or control.”
The modular 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.”
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 says that it “serves 130+ customers across 40+ countries, including P&C global carriers AXA, Generali, Munich Re, Europ Assistance, Tokio Marine and MS&AD; commercial P&C insurers TMNAS, FCCI, NEXT, HDVI and Canal; personal and commercial P&C insurers Cypress, Madison Mutual and Western Reserve Group; and specialty P&C insurers Canopius and Bass Underwriters.”
Over 1,300 actuaries use Akur8 daily to “build their pricing models across all lines of business. Akur8’s strategic partnerships include Milliman, Guidewire, Duck Creek and Sapiens.”