Akur8, described as the next-generation insurance pricing solution utilising transparent machine learning, has announced a strategic collaboration with SGI CANADA, a prominent property and casualty insurance division operating in five Canadian provinces, with the shared goal of enhancing the insurance pricing process.
The partnership aims to optimise SGI CANADA’s insurance pricing process by incorporating Akur8’s RISK module for P&C lines, reflecting a commitment by both firms to harness cutting-edge technology for insurance pricing in Canada.
Akur8 is pioneering the insurance pricing sphere with its transparent machine learning approach. The firm’s modular pricing platform automates both technical and commercial premium modelling. By using Akur8, insurers can expedite their modelling processes, achieve enhanced predictive accuracy, and realise potential improvements in their loss ratio. With its extensive global reach, Akur8 is already catering to over 100 clients across 40 countries.
SGI CANADA is a recognised trade name representing the property and casualty insurance segment of Saskatchewan Government Insurance (SGI). With its presence in five Canadian provinces, SGI CANADA offers a range of products under its own banner and also as Coachman Insurance Company in Ontario. Through its extensive network of 346 broker partners, the company ensures a wide reach across over 1,600 locations nationwide.
SGI CANADA has embraced innovation by integrating Akur8’s RISK module into its operations, ensuring a more streamlined, transparent, and explicable modelling process.
Akur8’s platform, renowned for its transparent artificial intelligence technology, provides insurers with many benefits, including improved predictive performance, enhanced speed-to-accuracy, and full transparency and control over the created models.
Akur8 CEO Samuel Falmagne said, “We are excited to welcome SGI CANADA, and provide them with our state-of-the-art pricing platform. The recent evolutions of our product and new features developed show that it truly meets insurers’ needs. We are proud to continue to strengthen Akur8’s development around the world, where Canada plays an important role.”
Brune de Linares, Chief Client Officer at Akur8, added, “Starting this collaboration with SGI CANADA is a major milestone for Akur8. We are proud to welcome a new client who is respected in the Canadian market and known all across Saskatchewan. This also strengthens our presence in North America among P&C insurers, as Akur8 is designed to support actuaries’ needs in all lines of business.”
Joshua Snow, VP of Pricing at SGI CANADA, shared, “Akur8’s pricing solution should help us significantly reduce our time to build models. In addition, we will make the most of the data available to us by leveraging Akur8’s approach to credibility and penalised regression. Adopting the right tool is key to our strategy of growth in other provinces, and ultimately will help us improve our risk modelling and understanding for pricing.”
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