Akur8, an AI-powered insurance pricing solution, will help Munich Re bolster its pricing capabilities for Global Consulting Unit1, as part of a new partnership.
The global partnership will supply Munich Re with access to Akur8’s rate modelling solution and will be made available across all of its entities.
Munich Re’s global head of global consulting Joachim Mathe believes Akur8 will help it increase the value to customers by enabling its team to better collaborate and improve the predictiveness of the models.
Its Global Consulting Unit is a dedicated global practice of several insurance pricing experts, which all Munich Re clients can leverage.
Munich Re global head of actuarial consulting and data analytics Massimo Cavadini said, “Akur8’s strengths, pivoting on the commodification of prediction power, allow for what we call “The third wave” of insurance pricing: while keeping full control on the process, most of the time of the domain expert is spent on understanding the problem and applying the right solution, not in tedious repetitive modelling tasks.
“Although they are a start-up, the Akur8 team’s professionalism, credentials, and reactivity along the whole process were determining factors in our choice – which was made after an in-depth selection process where each player’s value proposition and strengths were thoroughly reviewed.”
Akur8’s solution enhances insurers’ pricing processes by automating risk and demand modelling through AI technology. Its core benefits include a reduction in modelling time and increased prediction power.
Akur8 CEO Samuel Falmagne said, “Akur8 is extremely excited about this cooperation with Munich Re, which is one of the most renowned worldwide players in the insurance consulting space – let alone their reinsurance and primary insurance activities.
“This cooperation is also a demonstration of the relevance and attractiveness of Akur8’s solution for numerous types of players from primary insurance carriers to reinsurers to solution providers to consulting firms.”
Earlier in the year, Akur8 teamed up with Generali France to improve the insurer’s pricing capabilities.
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