Akur8, the insurance pricing and reserving solution powered by machine learning, is announcing that it has partnered with the American Association of Insurance Services (AAIS), the not-for-profit advisory organization for the Property and Casualty (P&C) insurance industry, to enhance the “quality of their predictive modeling.”
Developed for insurers, Akur8’s solution enhances pricing processes by using machine-learning tech.
The benefits for the P&C insurance marketplace reportedly include the following: accelerated model building, transparent Generalized Linear Modeling (GLM) outputs, and data-driven underwriting.
Sam Falmagne, CEO of Akur8 said that AAIS’s adoption of Akur8’s Core Solution underscores their commitment to providing innovative solutions for their Members.
Brune de Linares, Chief Client Officer of Akur8, added that their collaboration with AAIS highlights the “role Akur8’s solution plays in advancing the pricing process for insurance carriers.”
Michael Payne, FCAS, MAAA, Chief said that their Actuarial Services team is excited to leverage the capabilities “of Akur8’s Core Platform Solution as part of our predictive modeling strategy.” Payne added that building a repeatable, end-to-end process that “includes enhanced visualizations and built-in reports is going to be critical for us to successfully broaden our use of predictive models.”
As covered, Akur8 claims that it is transforming the non-life insurance industry with its suite of pricing and reserving solutions.
Their Pricing and Reserving Platform combines technology with actuarial excellence to drive business value, “bringing speed, performance, transparency, and reliability to insurers of all sizes.”
Akur8 says that it currently serves 250+ 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, Western Reserve Group and Georgia Farm Bureau; and specialty P&C insurers Canopius and Bass Underwriters.”
More than 3,000 actuaries reportedly use Akur8 on a daily basis in order to build their pricing models and “reserving projections across all lines of business.”