Akur8, a next generation insurance pricing solution, and Milliman, a premier global consulting and actuarial firm, have expanded their alliance.
Specifically developed for insurers, Akur8’s solution aims to enhance pricing methods through its cloud-based platform. The company does this by automating the end-to-end ratemaking process using transparent machine learning (ML) proprietary technology.
Core benefits for insurers, according to Akur8, include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control of the models created.
Founded in 1947, Milliman is a provider of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits.
The partnership between the companies aims to bring next generation insurance pricing capabilities and consulting services to property & casualty insurance carriers, InsurTech and MGAs across the US, Europe, South America, Asia and Africa.
By offering Akur8’s software in conjunction with Milliman’s data, actuarial and risk expertise, P&C (non-life) carriers, InsurTech’s, and MGAs have access to a scalable solution that includes improved end-to-end pricing efficiency, expert pricing teams, faster time-to-market, greater modelling accuracy, improved internal governance, and complete compliance.
To showcase these capabilities, leaders from Akur8 and Milliman will jointly present the workshop, “Insurance Pricing and Underwriting Innovation – a Strategic Imperative” at this month’s InsureTech Connect (ITC) Vegas 2022 conference.
Richard Lord, global practice director for property & casualty at Milliman, said, “With profitability for P&C insurers tightening under inflation and a hard market, it’s critical to use innovative approaches to improve pricing efficiency, accuracy, and speed-to-market. Milliman’s expanded alliance with Akur8 provides a one-stop transformative pricing solution for carriers and tech companies globally.”
AllClear Travel Insurance recently partnered with Akur8 to boost its pricing capabilities by leveraging Akur8’s risk and demand modelling.
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