The collaboration underscores a significant step in expanding Akur8’s presence in Asia, coming just months after the opening of their Tokyo office.
The partnership aims to augment actuarial pricing sophistication in Tokio Marine Asia by integrating Akur8’s RISK and RATE modules. By providing advanced insurance pricing technology, Akur8 equips insurance companies with tools to design and execute risk models faster, enhancing collaborative efficiency and performance. This collaboration is set to elevate the group-level collaboration across the various Tokio Marine entities, promoting sharing of best practices among the pricing teams globally.
Akur8 offers a state-of-the-art platform that enables insurance pricing teams to create new models faster and collaboratively. Their technology utilises proprietary machine learning algorithms to automate the insurance pricing process, enhancing efficiency and accuracy.
Tokio Marine Asia, on the other hand, is a branch of the Tokyo Marine Group and provides a wide range of insurance services across the Southeast Asian market. Their services cover a variety of domains, from motor insurance to marine cargo insurance, establishing them as a dominant player in the regional insurance sector.
Allen Juang, chief risk officer at Tokio Marine Asia, said, “Thanks to the Akur8 platform, our actuarial team will improve its pricing process and ratemaking capabilities, with greater automation, faster risk modelling, better predictive performances and eventually more consistent ratemaking.”
Philippe Vezio, deputy CEO – chief underwriting officer at Tokio Marine Asia, added, “This collaboration between Akur8 and Tokio Marine brings new technology to empower our teams in Asia and enables us to deliver quality services to our business partners and end customers.”
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