Build your commercial premiums with the most informed pricing decisions
Establish your rates by combining all types of GLM and GBM risk models to construct rating logic
- Adjust target profitability by segment to compute final rates
- Track changes and assess impact on conversion, retention, loss ratio and other KPIs
- Export rating tables and entire rating structures, with seamless integration to any rating engine, including a direct export to Akur8 Deploy
Monitor and assess your current insurance pricing strategy
- Monitor portfolio performance at granular levels to identify performance gaps across segments
- Spot the most significant variables driving loss ratio improvements
- Create “what-if” scenarios to test different business hypotheses and assumptions
- Design and compare rate plans in line with your portfolio strategy and business KPIs with prebuilt diagnostic tools such as dislocation analysis, dynamic impact analysis
Translate insights into pricing decisions with clear visualizations and documentation
- Document your rate changes to easily present results to your technical and non-technical stakeholders
- Create customized reports and use ad-hoc portfolio visualization to turn analytical results into business decisions
- Showcase changes in expected loss ratios and portfolio shifts across segments for planned rate changes
They implemented the solution
"We found insightful interactions after one day of modeling with Akur8’s insurance pricing solution. Leveraging this user-friendly and transparent platform will enable our pricing team to build better models faster across more lines of business."
"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.”
Frequently Asked Questions about Akur8's Insurance Ratemaking Software
What is Akur8 Rate?
Akur8 Rate is a module that empowers you to build your commercial premiums adjusted to your business objectives. It allows you to make the most informed pricing decisions that maximize business impact.
What are the benefits of using Akur8’s Rate for insurance ratemaking?
With Akur8 Rate, you maximize business impacts by building your production-ready rate plans.
Akur8 Rate allows you to:
- Create and manage complete pricing structures combining models, variables and business rules
- Compare multiple scenarios, assess portfolio impact, KPIs and guide pricing decisions
- Translate insights into business decisions, clear customisable reports and deployable rating structures
How does Akur8’s insurance ratemaking software support your business objectives?
With Akur8 Rate, you can make better decisions when building your commercial premiums. It empowers you to assess your current pricing strategy, identify performance gaps between segments, and test different scenarios to see how they would impact bottom lines.
How does Akur8’s Rate support collaboration between teams?
Akur8’s Rate improves collaboration between pricing teams due to its cloud-based, user-friendly environment. You can stay in sync with your team through one‑click shareable collaborative environments and clearly see when judgment was applied, review annotations, and maintain end‑to‑end visibility.
When it comes to technical and non-technical stakeholders, the Rate module allows you to generate insightful reports and visualisations that document your rate change in an easy way.
