Akur8, a next generation insurance pricing solution, has been selected by High Definition Vehicle Insurance (HDVI), to support the development of telematics-based insurance models.
HDVI is a technology-first commercial auto insurance provider. In 2021, the InsurTech launched its industry-leading, proprietary product HDVI Shift.
Using HDVI’s proprietary dataset, coupled with its core telematics model, it uses onboard telematics data to inform real-time risk models.
With HDVI Shift, the company said fleets can save up to 12% on their monthly premium based on real-time driver safety.
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, according to Akur8, 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.
Through this agreement, Akur8 said it is continuing its growth within the commercial auto insurance marketplace in the US.
HDVI selected Akur8 after a long-term pilot and immediately began using the platform.
Samuel Falmagne, CEO at Akur8, said, “We are excited to support HDVI, a modern leader that is revolutionising commercial auto insurance, and to empower them with our state-of-the-art risk and rate modeling platform. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers within this market.”
Todd Witte, chief of insurance product and pricing for HDVI, added, “As a data-driven company, HDVI continues to invest in tools that leverage our proprietary big data sets and telematics data to develop industry-leading insights and risk models.
“The Akur8 platform enables greater collaboration across our growing team. By eliminating the coding language barrier and providing increased transparency, it will reduce errors and allow us to more quickly develop additional models that can be incorporated into our insurance product and safety solutions.”
Earlier this month, Akur8 partnered with specialty property and casualty insurer Tokio Marine Highland to bolster its pricing process.
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