InsurTech100 companies Akur8 and Wakam have formed a partnership to drive innovation within the insurance space.
The deal will see Akur8’s pricing technology help enhance Wakam’s pricing processes.
Wakam creates tailor-made, white-label insurance solutions for its distributor partners and clients. Through the partnership with Akur8, it will be able to provide clients with more performant tailor-made products, which offer more accurate and targeted pricing,
Paris-based Akur8 improves pricing processes by automating risk and demand modelling though transparent AI technology. Benefits include a reduction in modelling time, creation of more predictive models and full transparency on models.
The software is designed to give actuaries full control over the models to better understand them and apply their business knowledge.
Akur8 CEO Samuel Falmagne said, “Akur8 is very happy to announce this partnership with Wakam, to empower them with a cutting-edge pricing technology, with a view to bringing ever more speed and transparency to their partners – values that our companies share and uphold. We are truly excited to forge a partnership with as innovative a player as Wakam, to continue to spur transformation in the insurance space.”
Wakam chief product and pricing officer Joanna Chardon said, “Akur8 is a best-in-class pricing solution. The results we observed during the pilot phase are speaking for themselves, with dramatic reduction in modelling time and more predictive power of the models. This will both accelerate our time-to-market and improve our pricing accuracy, bringing substantial value to our partners and the end-customer, in a time that requires ever more reactivity and transparency.”
Akur8 recently signed a deal with Insurer and reinsurer Canopius to help with its pricing capabilities.
Earlier in the year, both Akur8 and Wakam were listed in this year’s InsurTech100. The list names the companies that leaders in the industry should know about.
Akur8 has had a very busy year. In March, the InsurTech closed an €8m Series A round to support its expansion efforts. Its investors include Blackfin Capital Partners, MTech Capital and Kamet Ventures.
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