🏢 AllClear Travel Insurance deploys Akur8 to empower its pricing team
September 13, 2022
AllClear Travel Insurance and Akur8 are delighted to announce their collaboration to boost AllClear's pricing capabilities. AllClear’s pricing team will leverage Akur8 for risk and demand modelling as well as rate making applied to its travel insurance products. This new alliance with a leading Travel insurance broker strengthens Akur8’s international footprint.
Specifically developed for insurers, Akur8’s solution enhances pricing processes by automating the rate making process, using Transparent Artificial Intelligence proprietary technology. Core benefits for insurers and brokers include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control on the models created.
Founded in 2000, AllClear is an award-winning insurance specialist for customers with pre-existing medical conditions. AllClear has helped cover more than 3 million travellers with over 1,300 different medical conditions and is the UK’s highest rated Travel Insurance Provide. By forging this alliance with Akur8, AllClear moves forward with its partnership strategy and empowers its pricing team with best-in-class pricing technology.
"We are delighted to empower AllClear’s insurance pricing experts with Akur8’s rate making platform! It is an honour to work with AllClear, as this company supports millions of people from around the world and is fully committed to helping its regional community," said Samuel Falmagne, CEO of Akur8.
"We are proud to count AllClear among our customers in the UK! This new partnership with a travel insurance broker demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business," added Brune de Linares, Chief Client Officer at Akur8.
"Akur8’s platform offers a best-in-class pricing ecosystem for data analytics, risk and demand modelling, rate making and impact assessment. Akur8’s pricing suite is fully integrated and easy to use. It allows us to speed up our modelling process, turning weeks of modelling into a few hours and shifting team effort from production to analytics and decision making," concluded Marie Carter, Head of Pricing at AllClear.
Akur8 is revolutionising insurance pricing with Transparent AI, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control. Our modular pricing platform automates technical and commercial premium modelling. It empowers insurers to compute adjusted and accurate rates in line with their commercial strategy while materially impacting their business and maintaining absolute control of the models created, as required by regulators worldwide. With Akur8, time spent modelling is reduced by 10x, the models’ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%. Akur8 already serves 50+ customers across 20+ countries, including AXA, Generali and Munich Re; specialty insurers Canopius Vave and Tokio Marine Kiln; insurtechs Wakam and wefox; and mutual insurer Matmut. 700 actuaries use Akur8 daily to build their pricing models across all lines of business.
About AllClear Travel Insurance
For more than 20 years, award-winning AllClear has helped cover more than 3m policyholders, with customers across the UK and Australia. AllClear is passionate about enabling people to obtain specialist travel insurance whatever their pre-existing medical conditions or age.
AllClear offers quality insurance with 5 Star Defaqto rated products and best-in-class service – and 97% of its 70,000+ Trustpilot reviews rate it as ‘Great’ or ‘Excellent’. AllClear provides products, technology platforms or services for many national charities and household brands such as Aviva, Direct Line, Diabetes UK and Motability. AllClear is the endorsed provider of the British Insurance Brokers Association’s Medical Travel Scheme since 2011.
(1) Based on Trustpilot reviews of all companies in the Travel Insurance Company category that have over 25,000 reviews as of January 2022.
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