In today’s competitive insurance market, smaller carriers often struggle to match the sophistication of billion-dollar rivals. The challenge is particularly acute for actuarial teams, where limited resources must deliver the same level of pricing accuracy, regulatory compliance and speed as much larger departments.
Georgia Farm Bureau faced this exact problem. Its personal lines actuarial team consists of just five people, yet they are responsible for the full spectrum of actuarial work, from reserving analysis and pricing to predictive modelling. The group was tasked with a major overhaul of its territorial rating structure, a project requiring intensive analytics and complex modelling. Competing against larger insurers with vast actuarial resources, the odds were stacked against them.
That’s where Akur8 made the difference. By implementing Akur8 Pricing, Georgia Farm Bureau was able to dramatically accelerate the project timeline.
What had been forecast to take three years is now expected to finish a full year ahead of schedule. The platform automated manual coding processes, streamlined GLM development, simplified territory analysis, and generated regulatory exhibits with ease.
The contrast was stark compared to a previous project using open-source tools, where the team spent nearly a year coding, testing and debugging.
With Akur8, an equally complex territorial project was completed in a fraction of the time — and with greater transparency and accuracy.
Crucially, the benefits went far beyond speed. Akur8 enabled the actuarial team to introduce new predictor variables, build stronger justification packages for regulators and management, and run multiple large initiatives simultaneously.
Instead of being bogged down in a single long-term project, the team could complete homeowners territories and pivot immediately to revisiting personal auto, maintaining momentum and delivering consistent value.
By using Akur8, Georgia Farm Bureau has transformed its actuarial workflow. The solution allowed a small team to punch far above its weight, matching the output and sophistication of far larger competitors. In a sector dominated by billion-dollar insurers, Akur8 gave them the agility, scalability and analytical power to compete head-on.
For carriers facing similar challenges, the message is clear: technology can be the ultimate equaliser. With Akur8, even lean actuarial teams can accelerate project timelines, reduce manual burdens, and elevate pricing sophistication to an industry-leading standard.
Read the full blog from Akur8 here.
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