Akur8, a next generation insurance pricing solution, has partnered with FCCI Insurance Group to enhance and streamline underwriting processes and pricing.
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.
Through this agreement, Akur8 said it is further expanding its presence in the United States within the commercial property and casualty insurance marketplace.
The company added that choosing its best-in-class solution will support FCCI’s efforts to be industry leaders in their risk and rate pricing capabilities, as well as to enhance and accelerate the ability of the predictive modelling team to continually deliver highly efficient underwriting models with visual insights that are explainable across a variety of stakeholders.
Samuel Falmagne, CEO at Akur8, said, “Akur8 is thrilled to partner with FCCI Insurance Group, and to empower them with a state-of-the-art risk and rate modeling platform. Joining forces with a leading property and casualty commercial insurer in the largest insurance market worldwide is a key step for us in our development trajectory. This union also demonstrates the relevance and attractiveness of Akur8’s solution for numerous types of players within the insurance market.”
Brune de Linares, chief client officer at Akur8, added, ““Our strategic partnership with FCCI Insurance Group is a further demonstration of the robustness and attractiveness of Akur8’s solution for a major P&C commercial insurer with a strong position in the U.S. market. We look forward to this paving the way for additional partnerships within the commercial insurance community.”
Akur8 recently expanded its alliance with Milliman, a premier global consulting and actuarial firm.
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