Akur8, a trailblazing insurance pricing solution utilising transparent machine learning, and Cypress Property & Casualty Insurance Company (Cypress P&C), a well-established insurance firm offering a variety of innovative insurance products, have joined forces.
The partnership aims to bolster Cypress P&C’s pricing capabilities across its personal and commercial business lines.
The purpose of this partnership is to empower Cypress P&C’s actuarial team, by incorporating Akur8’s Risk and Rate modelling solution. The ultimate aim is to build superior, explainable pricing models and establish a solid predictive modelling framework. This agreement further propels Akur8’s growth within the U.S. personal and commercial insurance marketplace.
Akur8’s solution, specifically designed for insurers, revolutionises the pricing process through its proprietary machine-learning technology. This technology offers the Property and Casualty (P&C) insurance marketplace key benefits, such as expedited model building, transparent Generalised Linear Model (GLM) outputs, and data-driven underwriting.
Cypress P&C, on the other hand, is an exceptional Demotech A-rated insurance company, servicing clients in Florida and Texas. They offer a range of innovative insurance products, including Homeowners, Artisans General Liability, and Condominium Owners insurance. With its unparalleled experience, innovative products, and financial strength, Cypress P&C continues to solidify its position as an industry leader, while ensuring their customers are adequately covered.
In this partnership, both companies expressed their enthusiasm and commitment. Akur8 CEO Samuel Falmagne said, “We are thrilled to team up with such a well-respected and established insurer like Cypress P&C, and empower their actuarial team 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 across the US – a highly strategic market for us.” Akur8’s Chief Client Officer, Brune de Linares, echoed these sentiments.
John Myers, Vice President, Product Management at Cypress P&C also praised Akur8’s platform, stating, “The Akur8 platform does a remarkable job at streamlining complex ratemaking and modeling tasks. By leveraging this solution, our team can quickly run pricing and profitability models for multiple lines of business, across geographic locations. Akur8 allows us to easily summarise complex results and distribute them across internal teams.”
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