Akur8 for P&C Personal lines insurers
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New challenges for Property and Casualty insurers
Property and Casualty insurers are facing several challenges. First, the lag in innovation. The insurance sector has not been at the forefront of innovation for decades. Second, the changing competitive space. New entrants are changing the rules. Third, increasing regulatory demands and constraints. This generates a strong transformation imperative for P&C insurers, and pricing sophistication is a key facet of this journey.
Boost your pricing process
Achieve significant time gains throughout the pricing process
Price 10x faster thanks to the automation of variable groupings, variable selection, interactions and geo-modeling; and also thanks to project parallelization, APIs and auto-generated documentation.
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Improve your models’ predictive power
Generate better-quality models with on average 10% higher predictive power compared to manually-computed models. This is made possible by our proprietary cutting-edge algorithms, and by the processing capabilities of our cloud-based platform across unlimited varieties and volumes of data.
Ensure absolute transparency of your models
Boost your pricing capabilities without compromising on auditability and control. With Akur8, you can build fully transparent pricing models explicitly outlining the effect of each variable on the output, resulting in a safe, traceable and consistent pricing process.
They implemented the solution
"MMIC is elated by our partnership with Akur8 and the potential it holds to drive our company’s digital transformational journey in insurance pricing. Akur8’s innovative technology aligns seamlessly with Madison Mutual’s commitment to delivering exceptional customer experiences and optimizing pricing capabilities.”
“Beesafe is a purely digital venture with a strong insurtech identity that we are extremely proud to be launching (...), sustained by collaborations with topnotch solutions that Akur8 epitomizes, for a highly strategic process that is pricing, all the more when launching a new product.”
”Akur8’s value very quickly came to light. Modeling speed is 5x faster, while keeping a thoroughly transparent and auditable process. The user-friendliness of the interface and the collaborative aspect of it are a great asset for the team, making it very easy-to-use, while enhancing internal communication. The responsiveness of the Akur8 team also was instrumental in our very fast learning curve.”
