Akur8, the insurance pricing and reserving solution powered by machine learning, announces that CompSource Mutual Insurance Company, the workers’ compensation insurance carrier in Oklahoma, has chosen Akur8’s Core Platform solution to “enhance their insurance pricing models and improve their overall pricing process.”
Akur8’s Core Platform solution will reportedly allow for efficient in-house model development, “explainable rating and underwriting insights, and accurate financial forecasting within CompSource Mutual’s business.”
For over 85 years, CompSource Mutual claims it has been a provider of workers’ compensation insurance “for Oklahoma businesses. Akur8 is proud to support their mission of protecting workers across the Sooner State.”
Samuel Falmagne, CEO at Akur8 said:
“We are thrilled to be working with CompSource Mutual, a company that proudly stands by its community to ensure workers get the insurance they need. Our innovative pricing solutions will help CompSource Mutual to accurately and effectively price their insurance policies, while also supporting CompSource Mutual’s commitment to their customers.”
Brune de Linares, Chief Client Officer at Akur8 noted:
“By adopting our solution, CompSource Mutual will benefit from the efficiency of Akur8’s machine-learning technology, while continuing to deliver exceptional value to its policyholders. We are thrilled to support CompSource Mutual in the workers’ compensation space, and look forward to deepening our presence in this market.”
Henry Gituma, Assistant Vice President for Risk and Actuarial Services at CompSource Mutual said:
“Akur8’s intuitive platform will enhance our pricing competitiveness by uncovering trends we couldn’t previously analyze. This powerful capability will help us identify the limitations of our current models and guide us in making more informed decisions on policy selection.”
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 300+ 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.”
Actuaries reportedly use Akur8 daily to “build their pricing models and reserving projections across all lines of business.”
As stated in the update from Akur8, Oklahoma businesses have partnered with CompSource Mutual as a “reliable source for workers’ compensation insurance. CompSource Mutual is trusted for its financial stability, superior service, and innovative solutions.”
CompSource Mutual seeks to be the insurance carrier of choice “within the business community by serving Oklahoma’s most valuable asset, its people.”