Akur8, the insurance pricing and reserving solution powered by transparent machine learning, is pleased to announce that Farm Bureau Insurance Company of Idaho, the property-casualty insurance company headquartered in the Gem State, has selected Akur8’s Core Platform solution to streamline the development of “high performing,” explainable pricing models.
Developed for insurers, Akur8’s solution reportedly 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 thrilled to team up with Farm Bureau Insurance Company of Idaho and deepen our connections with other Farm Bureau Insurance carriers. Our advanced AI-powered solution will enhance their pricing team’s capabilities, enabling a more predictive and data-driven approach, without compromising their tradition of exceptional service and support.”
Brune de Linares, Chief Client Officer at Akur8 said:
“Our collaboration with Farm Bureau Insurance Company of Idaho reinforces Akur8’s value as a trusted solution for insurance companies across all lines of business. This partnership demonstrates the significant value we’ve delivered to Farm Bureau insurance companies, and we look forward to achieving even more together.”
Jay Call, Director of Actuarial at Farm Bureau Insurance Company of Idaho said:
“We’re excited to partner with Akur8 and implement their machine learning and predictive analytics capabilities into our pricing process. Combining different model types to estimate the true financial impacts of rate change, along with leveraging geographic insights, will enhance our team’s efficiency and accuracy, empowering us to deliver better, more informed pricing decisions.”
As covered, Akur8 is transforming the non-life insurance industry with its innovative “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 serves 250+ customers across 40+ countries, including the following entities: 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 3000 actuaries use Akur8 daily to “build their pricing models and reserving projections across all lines of business.”
