Madison Mutual Insurance Company (MMIC), a prominent Midwest insurer, and Akur8, a groundbreaking solution provider for non-life insurance pricing, have announced their partnership.
The collaboration aims to elevate MMIC’s pricing capabilities across personal insurance lines using Akur8’s innovative Risk and Rate modelling solutions. The partnership signifies MMIC’s continued commitment to digital transformation and growth in the personal insurance marketplace.
The reason behind the partnership is to make MMIC more competitive by modernising pricing processes and increasing pricing sophistication through Akur8’s solutions. Akur8’s technology aligns with Madison Mutual’s commitment to delivering exceptional customer experiences and optimising pricing capabilities.
Madison Mutual, based in the Midwest, serves policyholders across Illinois, Missouri, Wisconsin, and Indiana. The company prides itself on providing exceptional insurance products and service to its members and agency partners at competitive prices.
On the other hand, Akur8, known for revolutionising non-life insurance pricing, boosts insurers’ pricing capabilities with unparalleled speed, accuracy, and control across the pricing process without compromising on auditability.
Akur8 has developed a unique solution for insurers that uses proprietary machine-learning technology to enhance pricing processes. The core benefits for the Property and Casualty (P&C) insurance marketplace include accelerated model building, transparent Generalised Linear Model (GLM) outputs, and data-driven underwriting.
The partnership not only allows MMIC to become more competitive by modernising pricing processes, but it also enhances the rate review framework, improves predictive performance, and increases transparency on data-driven decisions. This collaboration demonstrates Akur8’s relevance and attractiveness for insurance providers within this market.
Madison Mutual Insurance Company’s Chief Actuary and VP of Operations, Nick Lannutti said, “Akur8 has effectively multiplied our investment in an in-house actuarial team.
“With Akur8’s Risk module, we were impressed with the ease and speed of model creation and comparison, and the meaningful high-impact pricing insights, while the Rate module enabled us to quickly automate large amounts of manual work required for rate reviews. We were also extremely impressed with the limited onboarding required combined with the strong support Akur8 provides to our team.”
Further commenting on the partnership, Madison Mutual Insurance Company’s Chief Information Officer, Allah Rakha Sheikh stated, “MMIC is elated by our partnership with Akur8 and the potential it holds to drive our company’s digital transformational journey in insurance pricing.”
Finally, Samuel Falmagne, CEO at Akur8, said, “We are thrilled to partner with Madison Mutual Insurance Company, and help boost their pricing sophistication by providing them with the tools to quickly run models across a variety of coverages, enhance rate review and framework, improve predictive performance and increase transparency on data-driven decisions.
“This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers within this market.”
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