Akur8, the next generation insurance pricing solution powered by transparent machine learning, has been selected by NEXT Insurance to help scale pricing capability framework.
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 will continue its growth within the commercial insurance marketplace in the US.
Founded in 2016, NEXT is committed to helping small businesses thrive by providing a one-stop-shop to customised and affordable insurance policies. Today, the company is trusted by over 450 thousand business owners and serves over 1,300 classes of business, including restaurant owners, general contractors, accountants, fitness professionals and many more.
NEXT’s policy purchasing process and affordable pricing is one of the many reasons the company experienced rapid growth over the years.
Samuel Falmagne, CEO at Akur8, said, “We are thrilled to support NEXT, a modern leader revolutionizing small business insurance, and enhance its pricing process with our state-of-the-art risk and rate modelling platform. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers targeting the small business market.”
Phil Natoli, chief actuary at NEXT, added, “While every small business is unique, they all share a need for accurate policy pricing. We’ve long been committed to investing in machine learning and predictive analytics for superior underwriting and pricing, and this unique approach has solidified us as a technology leader in the space. Together with Akur8, we’re able to further innovate upon our current capabilities to deliver even more accuracy, speed and efficiency at scale for NEXT’s growing customer bases.”
Earlier this year, P&C mutual insurance company IMT Insurance deployed the Risk and Rate modelling solution of Akur8.
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