Akur8, known for its next-generation insurance pricing solutions powered by transparent machine learning, has recently teamed up with the Louisiana Workers’ Compensation Corporation (LWCC).
The collaboration aims to leverage Akur8’s Core Platform solution to enhance LWCC’s predictive modeling framework, thus driving high-quality underwriting insights. This move is designed to bolster the precision and efficiency of LWCC’s pricing processes, aligning with their ongoing growth initiatives and their dedication to innovation.
Akur8 is revolutionizing the non-life insurance industry with its innovative suite of pricing and reserving solutions. Their platform combines advanced technology with actuarial expertise to enhance business value, offering speed, performance, transparency, and reliability to insurers worldwide.
Through this partnership, LWCC will utilize Akur8’s proprietary machine-learning technology, which facilitates accelerated model building and provides transparent Generalized Linear Model (GLM) outputs. This technology is set to transform LWCC’s approach to insurance pricing and risk assessment.
Akur8’s solution is explicitly developed for insurers, enhancing pricing processes across various lines of business, including workers’ compensation. Akur8 serves over 250 customers globally, including major industry players like AXA and Generali, showcasing its significant impact and presence in the market.
Angela McGhee, chief actuary at LWCC, said, “We are thrilled to partner with Akur8. Their intuitive and transparent models will help us build predictive models more quickly and accurately. We see a lot of potential for this partnership to drive better pricing decisions and support our growth initiatives.”
Samuel Falmagne, CEO at Akur8, said, “We are excited to collaborate with LWCC, a forward-thinking leader in workers’ compensation insurance. Our advanced AI-powered pricing solution will empower LWCC’s team to achieve unprecedented levels of efficiency and accuracy in their pricing processes, while aligning with their current growth initiatives and supporting their commitment to innovation and superior service.”
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