InsurTech100 company Akur8 has formed a strategic partnership with Duck Creek Technologies, marking its first deal with a company in the US.
The InsurTech companies hope the partnership will be a game-changer for the P&C insurance industry giving actuaries better accuracy.
Together, the companies will deliver a combined SaaS platform to streamline and empower insurance’ rate-making process from data to production. Insurers will be able to improve their rate-making capacity by leveraging Duck Creek’s data management tool and “what-if” scenario analysis and quoting, as well as utilising Akur8’s rate modelling solution.
Akur8 CEO Samuel Falmagne said, “We are delighted to announce this partnership with Duck Creek, in a market as strategic as the U.S.
The technological fit with the Duck Creek Suite, especially with Duck Creek Rating, a best-in-class rating engine that modernizes insurers’ rating functions, will bring a substantial value-add to P&C insurers looking for an integrated, end-to-end rate-making solution that can enable their digital transformations. We at Akur8, with Duck Creek, are eager to deliver our combined performance to many P&C insurers worldwide.”
Akur8’s platform leverages AI to automate risk modelling, helping insurers accelerate the time to market and production of predictive models.
The InsurTech recently made its first partnership in Asia, signing a deal with AXA Direct Japan. The deal will help AXA to enhance its pricing process.
Duck Creek Technologies vice president Elizabeth Del Ferro said, “At Duck Creek, we believe that Akur8 is setting the right foundation for the future of rate modelling. Their focus on transparency and control allows insurers to take advantage of the power of
“AI applied to rate management, without the dislocation problems caused by blackbox algorithms. At the same time, Akur8’s automation capabilities increase speed to accuracy without sacrificing precision. As a result, insurers are able to accelerate time to market while being confident in the predictive power of their models and the safety of their decisions. We are very excited to bring our combined strengths to the market.”
Last year, Duck Creek raised a $230m investment from Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management.
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