hyperexponential and Akur8, two prominent names in the FinTech industry, have recently announced a strategic partnership.
hyperexponential, known for its pioneering work in pricing decision intelligence (PDI) for insurers, and Akur8, a leader in using Transparent Artificial Intelligence for insurance pricing, come together with complementary strengths to revolutionize the InsurTech sector.
The core purpose of this collaboration is to leverage their individual capabilities to create an automated, data-driven system for accurately pricing commercial and specialty insurance products. This alliance aims to enhance the precision and efficiency of insurance pricing models, thereby benefiting insurers and policyholders alike.
Delving into each company’s contributions, hyperexponential, with its expertise in pricing decision intelligence, brings to the table its platform, hx Renew. Designed by actuaries, hx Renew aids insurers in building advanced pricing tools that effectively handle small and fragmented data sets. This enhances underwriting workflows and pricing decisions, integrating data at every stage from model construction to policy binding.
On the other hand, Akur8’s proprietary Transparent AI technology is tailored for insurers to automate rate making, improving the speed and accuracy of pricing processes while maintaining transparency and control over the models.
Insurers can now integrate rating factors calibrated in Akur8 into hx Renew’s pricing models, adjusting them based on additional data and underwriter insights. This creates a robust feedback loop between claims, exposures, and rating accuracy, streamlining the pricing process and enhancing decision-making efficiency.
Additional aspects of the partnership emphasize their shared values and commitment to pushing boundaries in the InsurTech field. Both companies focus on addressing specific market needs, aiming to empower specialty and commercial insurers with data-driven decision-making tools.
Akur8 CEO Samuel Falmagne remarked, “We’re delighted to partner with hyperexponential. We not only provide complementary tools across the value chain, we also share the same values: pushing boundaries while deeply supporting customers. This partnership will allow us to better address the needs of a specific market with a common goal: empowering specialty and commercial insurers to make truly data-driven decisions.”
Richard Gunn, Chief Revenue Officer at hyperexponential, added, “Many of the insurers we work with have two key challenges. First – they are leaving money on the table by relying on outdated pricing practices, and second – managing the integration burden of a significant transformation initiative. Through our partnership with Akur8 we are targeting a material improvement to our customer’s combined ratios, whilst reducing the burden on IT and the business.”
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