Canal Insurance to boosts their commercial lines pricing capabilities with Akur8
Goal
Enable actuarial team to quickly build comprehensive models and implement model testing into their pricing process.
Module used
Results
Within 2 weeks the team was able to build over 3,000 models.
What they say about Akur8
“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
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“On a combined ratio basis we’d be looking at a 6% improvement in our performance based off the work we did with Akur8. That’s a huge improvement for us, and is basically the difference between the class of business being loss making and performing well.”
We didn’t want a black box where we couldn’t understand what was actually being modeled. We wanted to have full input, and we can do that with Akur8.
“Our team really values the speed of model creation and iteration, transparency and ease of reporting that Akur8’s Core Platform solution provides. Being able to review the indicated vs. predicted and then make a selection is something in the current pricing process that Akur8 helps make a lot more efficient. We also love that if a member of our team ever runs into a roadblock, Akur8’s live support is always there to help us resolve any issues that arise.”
