Akur8, a next-generation insurance pricing solution, has announced that Millennial Specialty Insurance (MSI) will leverage its innovative offering to streamline the decision-making processes within its pricing team.
This collaboration will see MSI adopt Akur8’s unique Risk and Rate modelling solution to enhance its pricing capabilities, and deliver more competitive rates to its clients.
Akur8’s innovative approach, which is designed specifically for insurers, utilises proprietary machine-learning technology to accelerate model building, provide transparent GLM outputs, and enable data-driven underwriting.
This collaboration also marks another step in Akur8’s expansion within the U.S. personal insurance market.
Speaking on the news, Samuel Falmagne, CEO at Akur8, stated, “We are excited to collaborate with MSI, a leading managing general agency dedicated to creating and scaling quality insurance products, that will utilise Akur8’s solution to build high performing pricing models. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for innovative insurance providers within the P&C market.”
The core benefits of Akur8’s solution for the P&C insurance marketplace include faster model development, transparency in outputs, and data-driven underwriting decisions. These enhancements aim to improve the overall efficiency and effectiveness of insurance pricing models.
MSI offers a wide range of products, from fully digital embedded renters’ coverage to high-value homeowners’ insurance and sophisticated commercial coverages, such as umbrella and habitational property insurance.
Serving over 1.5m customers and generating more than $900m in written premiums, MSI is dedicated to crafting solutions for significant risks facing both individuals and businesses.
Brune de Linares, Chief Client Officer at Akur8 added, “Partnering with a successful company like MSI serves as an example that Akur8 is a premier pricing solution for all sizes of insurance companies across all lines of business.”
Fan Feng, Predictive Modelling Manager at MSI, remarked, “We are excited to collaborate with Akur8 to enhance our risk and rate modelling capabilities. We are committed to providing our clients with more accurate and tailored insurance solutions to drive better outcomes, and this collaboration will allow us to leverage innovative technology to enhance our risk assessment capabilities, streamline our operations, and deliver competitive pricing to our clients.”
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