Akur8, the insurance pricing and reserving solution powered by transparent machine learning, is announces that Utica First, a small business and personal lines insurer, has chosen Akur8’s Core Platform Solution to enhance its pricing models.
With Akur8’s support, Utica First will build a predictive modeling process to improve the “sophistication” of their rating structure, establish detailed territories, and uncover “actionable insights for underwriting.”
Developed for insurers, Akur8’s solution reportedly enhances pricing practices by using proprietary machine-learning technology.
The benefits for the P&C insurance marketplace reportedly include the following: accelerated model building, transparent GLM outputs, and data-driven underwriting.
As mentioned in the update, Utica First has built a strong reputation for delivering tailored insurance solutions to small businesses across multiple states, with a “focus on niche markets such as artisan contractors, restaurants, and many other building owners’ policies.”
By prioritizing “customer-centric” innovation, Utica First continues to stay active in the property and casualty insurance space.
Samuel Falmagne, CEO at Akur8 said that Utica First’s selection of Akur8’s solution reinforces the value of their Core platform in “transforming insurance pricing processes.”
Falmagne added that they are pleased “support their team in achieving greater efficiency and precision in their pricing models.”
Brune de Linares, Chief Client Officer at Akur8, added that by integrating Akur8’s solution, Utica First will benefit from the “transparency and speed of our machine-learning technology, allowing them to focus on delivering superior value to their customers.”
Linares added that this partnership highlights the effectiveness of Akur8’s solution in “improving the pricing process for insurance carriers of all sizes and across all lines of business.”
As covered, Akur8 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, bringing “speed, performance, transparency, and reliability to insurers of all sizes.”
Akur8 serves 250+ customers across 40+ countries, including the following: AXA, Generali, Munich Re, MAPFRE, HDI, Tokio Marine, and MS&AD. Over 3,000 actuaries use Akur8 daily to build their pricing models and reserving projections across all lines of business.
Utica First Insurance Company offers customized property and casualty insurance products, focusing “on small businesses and personal lines.”
Their adoption of Akur8’s pricing platform aligns with the company’s ongoing commitment to providing “personalized, efficient service, ensuring even greater precision in underwriting and pricing for their clients.”