Tokio Marine Seguradora, a top-ranking insurance provider headquartered in São Paulo, has joined hands with Akur8, a trailblazer in risk modelling solutions.
This collaboration seeks to elevate Tokio Marine Seguradora’s pricing processes in Brazil, marking a significant stride in the ongoing global partnership between the two, spanning across Asia, the UK, and the USA.
The partnership’s chief aim is to enhance and expedite the underwriting process and pricing proficiencies for Tokio Marine Seguradora in the Brazilian market. Leveraging Akur8’s unique solutions, Tokio Marine Seguradora aims to heighten its digital transformation journey, improve pricing accuracy, and boost its market competitiveness.
Akur8’s state-of-the-art solution, tailor-made for insurers, boosts pricing processes by automating risk modelling through its proprietary transparent ML technology. This grants insurers a multitude of benefits like elevated efficiency, rapid insights for swift data exploration and review, and superior predictive modelling, even with minimal or noisy datasets. This tech marvel ensures that insurers move towards a data-centric underwriting approach, with full clarity and governance of the constructed models.
Tokio Marine Seguradora, headquartered in São Paulo, operates under the expansive umbrella of the multinational insurance group, Tokio Marine. Holding a reputable position among the top ten insurance providers in Brazil based on premiums, as indicated by the SUSEP rankings, the company boasts a widespread presence with over 50 offices throughout Brazil. It offers a comprehensive suite of both life and non-life insurance products, channelled through its vast network of insurance brokers.
By integrating Akur8’s RISK and RATE modules into its framework, Tokio Marine Seguradora propels its pricing sophistication. This enables them to refresh prices more frequently, generate analytical models rapidly, bolster team collaboration, and fortify the predictive capabilities, thereby refining decision-making during pricing.
The collaboration also marks Akur8’s fourth major partnership in Brazil, thus solidifying its footprint in South America.
Akur8 CEO Samuel Falmagne said, “We are so excited and proud to begin our collaboration with Tokio Marine Seguradora in Brazil. Last year we successfully partnered up with three other Tokio Marine Group entities across three continents, including Asia, the UK and the USA. We look forward to our continued collaboration with the Tokio Marine Group, and to welcoming new entities in the coming months.”
Chief Client Officer at Akur8, Brune de Linares, added, “Akur8 is excited to join forces with Tokio Marine Group on a fourth continent. This partnership demonstrates Akur8’s value and adaptability across the globe. We are happy to welcome Tokio Marine Seguradora as our fourth key player in Brazil, reinforcing our presence in South America.”
Director of P&C and Pricing at Tokio Marine Seguradora, Arnaldo Bechara Filho, remarked, “We were truly impressed by Akur8’s solution during a Proof of Concept they offered us. Afterward, we wanted to further explore the product, and leverage its full potential. We believe this collaboration will help us save time throughout the modelling process due to its simplicity, automation and level of support.”
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