Canal Insurance to boosts their commercial lines pricing capabilities with Akur8
Location:
Goal
Enable actuarial team to quickly build comprehensive models and implement model testing into their pricing process.
Results
Within 2 weeks the team was able to build over 3,000 models.
Feedback
“Speed wins in our business. Using Akur8’s solution allows our pricing actuaries to build models more quickly, giving us more time for testing and, more importantly, improving speed to market on our product offerings.”
Paul Brocklebank, President and CEO at Canal Insurance Company
Drive business value by bringing your end-to-end pricing process to the next level
Akur8 is the only technology on the market that automates the generation of production-ready GAM/GLMs. Thanks to its unique proprietary algorithms, it delivers tremendous business value by unlocking untapped combined ratio improvement.
Other use cases
“Akur8’s insurance pricing solution will enable TMNAS to quickly build intuitive and easily explainable predictive models across all products, providing new insights for underwriters. As a shared services company, it is key for us to be able to translate predictive information into useful measures for our clients. Akur8 will help us fill a missing component to complete the framework for transparent, and data-driven decision-making.”
"We foster innovation through various initiatives, and value integrity and fairness: Akur8’s transparent solution is perfectly aligned with these core principles. Akur8 will provide us great potentialities to be able to become the company and the group which sustainably have capabilities to develop various products and services for realization of a safe and secure society."
“Providing efficient, reliable and consistent pricing creates a win-win for the risk taker and agent. Having the ability to improve risk pricing by running complex models and updating those models as new data comes in at any moment is a game changer for us, and a competitive differentiator. It is crucial for the rapidly changing E&S marketplace.”
