Akur8, a next-generation insurance pricing solution, has partnered with Quincy Mutual Group, a highly esteemed regional mutual insurance company in the United States.
This strategic alliance aims to empower Quincy Mutual’s actuarial team, enabling them to efficiently construct comprehensive models, integrate model testing into their pricing process, and enhance rate evaluations. By incorporating a more data-driven approach, this partnership is set to deliver significant insights to internal stakeholders, signifying a substantial expansion of Akur8’s presence in the U.S. mutual insurance market.
Akur8’s solution is designed explicitly for insurers, aiming to revolutionise pricing processes through its proprietary machine-learning technology. Key benefits for the P&C insurance market include accelerated model building, transparent GLM outputs, and data-driven underwriting.
Quincy Mutual, founded in 1851, is committed to providing quality products and services. With an A+ rating from A.M. Best, it has upheld its distinguished reputation for over six decades. The company offers a vast array of personal and commercial insurance products, with a focus on innovation and customer service.
Both companies are enthusiastic about the potential of this partnership. The aim is to build a robust relationship that will further Akur8’s expansion efforts in the U.S., while also enhancing Quincy Mutual’s service offerings.
Akur8 CEO, Samuel Falmagne, said, “The Akur8 team is thrilled to team up with Quincy Mutual Group and provide our Core Platform solution to empower their pricing team. Partnering with such an established and reputable mutual insurance company such as Quincy signifies the continued growth for Akur8 within the U.S. mutual insurance market.”
Brune de Linares, Chief Client Officer at Akur8, added, “Our alliance with Quincy Mutual is a testament to the strength of Akur8’s solution for U.S. insurance companies of all sizes acrossall lines of business. We are excited to build a strong partnership with Quincy Mutual as part of our ongoing expansion efforts within the U.S.”
Todd Lehmann, Chief Actuary at Quincy Mutual, said, “Teaming up with Akur8 and utilizing their Core Platform is a winwin scenario for us. It has empowered our pricing team to transform their prior rate review process, shifting to a more datadriven approach, while also increasing our overall speed to market and streamlining complex ratemaking and modeling tasks.”
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