Akur8, a next-generation insurance pricing and reserving platform powered by Transparent AI, has partnered with the Insurance Company of Prince Edward Island (ICPEI), a leading provider of personal and business insurance across Canada.
The collaboration is aimed at improving the efficiency and accuracy of ICPEI’s insurance pricing models.
The partnership focuses on leveraging Akur8’s RISK and DEMAND modules to enhance the process of model development at ICPEI. By integrating these tools, ICPEI seeks to refine its rating plans and optimise its overall pricing strategy.
Akur8 is renowned for its innovative pricing solutions, developed specifically for insurers. It empowers actuarial and pricing teams by automating risk modeling through machine learning technology. The platform is designed to deliver increased predictive performance, speed, and transparency, enabling insurers to make faster, data-driven decisions.
ICPEI, based in Charlottetown, is recognised for its market-leading home, auto, and commercial insurance products, which are sold through brokers in the Maritime Provinces, Quebec, Ontario, Alberta, and British Columbia. With a disciplined approach to risk selection, ICPEI has built a strong reputation for underwriting profitability and is now part of Desjardins General Insurance Group.
This partnership comes on the heels of a successful pilot program, which showcased the potential of Akur8’s technology in transforming traditional insurance practices. ICPEI aims to use these data-driven insights to better navigate the evolving insurance landscape and seize emerging opportunities.
Samuel Falmagne, CEO of Akur8, said, “We are excited to partner with ICPEI, an insurance company renowned for its longstanding success in underwriting profitability. Their disciplined approach to risk selection perfectly complements our mission to empower actuarial and pricing teams with the tools to make smarter, faster decisions. We are confident that our platform will further enable their ongoing journey towards excellence.”
Marc-Antoine Deom, vice-president operations at ICPEI, added, “The success of the pilot program has paved the way for our ongoing collaboration with Akur8. This partnership highlights the transformative impact of technology and data-driven insights on traditional insurance practices, enabling us to identify and seize emerging opportunities. By integrating Akur8’s platform into our operations, we will be well-positioned to navigate the evolving insurance landscape.”
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