Akur8 is announcing its collaboration with the Insurance Company of Prince Edward Island.
The Canadian insurer will now be leveraging the RISK as well as the DEMAND modules of Akur8’s pricing platform in order to boost the efficiency of its model development process.
This partnership enhances Akur8’s existing position in North America while reinforcing its presence in Canada (2 years after entering the market).
ICPEI is a provider of personal and business insurance in Canada, working with brokers to deliver its products.
By using Akur8, ICPEI intends to streamline its process for developing models and to refine its existing rating plan.
Developed for insurers, Akur8’s pricing solution reportedly empowers pricing teams to make better decisions faster, by “automating risk modeling using proprietary transparent machine learning tech.”
The benefits for insurers include the following: 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.
As covered, Akur8 claims that it is transforming the non-life insurance industry with its innovative suite of pricing and reserving solutions.
Their Next Gen Pricing and Reserving Platform combines tech with actuarial excellence to drive business value, reportedly bringing “speed, performance, transparency, and reliability to insurers of all sizes.”
Akur8 serves 250+ customers across 40+ countries, including AXA, Generali, Munich Re, Promutuel, SGI, RSM and Tokio Marine.
More than 3,000 actuaries use Akur8 daily to build their “pricing models and reserving projections across all lines of business. ”
Akur8’s acquisition of Arius expands its capabilities, bringing the reserving solution in-house.
Based in Charlottetown, the Insurance Company of Prince Edward Island (ICPEI) offers home, auto and commercial insurance solutions. Their products are sold via a network of brokers across all Maritime Provinces, Quebec, Ontario, Alberta and British Columbia.
ICPEI has established a record of underwriting profitability, which is said to be rooted in their disciplined approach to risk selection.
Today, ICPEI has grown into the auto and home insurer headquartered in the Maritimes, and they aim to tailor “affordable insurance solutions for Canadian families and businesses.”
Now the insurer subsidiary of Desjardins General Insurance Group (DGIG) that “specializes” in the sale of insurance products through a broker network, ICPEI is a member of the Property & Casualty Insurance Compensation Corporation which “protects policyholders from insolvent insurers, the Facility Association of Canada and the Insurance Bureau of Canada.”