Akur8, a pioneer in insurance pricing solutions utilising transparent machine learning, has recently partnered with LB Forsikring, a prominent Danish property and casualty (P&C) insurance firm.
This strategic collaboration is designed to enhance LB Forsikring’s ability to quickly adjust pricing models in response to the unpredictable dynamics of the insurance market.
Akur8 revolutionises non-life insurance pricing with its Transparent AI technology, providing a user-friendly, machine learning-native solution that is built on cutting-edge technology. Their platform allows insurers to expedite the pricing process, enhancing financial outcomes and risk assessments with features like accelerated model building and transparent Generalized Linear Model (GLM) outputs.
LB Forsikring, on the other hand, operates as a member-owned entity within Denmark, incorporating various insurance groups and serving over 440,000 members. It ranks as the fourth largest in the private market sector, renowned for its dedication to securing mutual benefits for its members and employing around 900 skilled professionals.
Through this partnership, LB Forsikring will leverage Akur8’s advanced pricing tools for detailed price analysis, simulations, and calculations, ensuring transparency, auditability, and control.
Akur8 CEO, Samuel Falmagne, said, “We are thrilled to partner with LB Forsikring, and help boost their pricing sophistication by providing them with the tools to carry out advanced price analysis, simulations and calculations while maintaining full transparency, auditability and control in their pricing.”
Julian Frank, Client Director at Akur8, said, “We worked very closely with LB Forsikring to thoroughly understand their technical and business requirements. As a result, we are confident in our ability to help LB Forsikring better serve their customers and attract top talent for their pricing teams. We are looking forward to a continued and fruitful partnership.”
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