Akur8, a next generation insurance pricing solution, has partnered with specialty property and casualty insurer Tokio Marine Highland to bolster its pricing process.
Developed for insurers, Akur8’s solution is designed to enhance the pricing process by automating risk modelling using proprietary transparent machine learning technology.
Core benefits for insurers, Akur8 said, include increased efficiency and speed-to-insights for faster data discovery and evaluation and advanced predicting modelling capabilities with even small, noisy datasets paving the way towards data-driven underwriting.
Tokio Marine Highland (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market,
The company offers a suite of specialty property, real estate investment and lender-placed insurance.
Akur8 said that the partnership will allow Tokio Marine Highland to enhance its digital transformation and boost its competitiveness in the US.
By deploying Akur8’s solution, Tokio Marine Highland will be able to unlock a faster, more effective pricing process while improving the governance of the rate making process to deliver a safer, more consistent and traceable output, Akur8 added.
Moreover, through this agreement Akur8 further expands its presence in the US, a key region.
Samuel Falmagne, CEO at Akur8, said, “We are thrilled to accompany Tokio Marine Highland on their digital transformation journey by equipping them with a rate-making solution that helps build a genuine competitive advantage. Pricing is a critical process where robustness and safety are of the essence, coupled with an ever greater need for speed and agility.”
Nirav Shah, chief analytics officer at Tokio Marine Highland, added, “Akur8’s insurance pricing solution genuinely enables us to take a strong leap forward in our rate-making process. Being able to identify and prioritize our data needs is critical to our success. Akur8 makes it actionable to understand how to build a better data strategy,”
Earlier this month, Akur8 partnered with FCCI Insurance Group to enhance and streamline underwriting processes and pricing.
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