Akur8 and Utica First team up to revolutionise insurance pricing with advanced ML technology
Akur8, renowned for its next-generation InsurTech pricing and reserving solutions, has teamed up with Utica First, a leader in small business and personal lines insurance.
This collaboration is set to revolutionize Utica First’s pricing models through the implementation of Akur8’s Core Platform Solution.
Akur8 specializes in enhancing insurance pricing practices with its proprietary machine-learning technology, aimed at accelerating model building and enabling transparent Generalised Linear Model (GLM) outputs.
Utica First has built a strong reputation by delivering tailored insurance solutions to small businesses in niche markets like artisan contractors and restaurants, focusing on property and casualty insurance.
The primary goal of this partnership is to refine Utica First’s predictive modeling process, enhancing the sophistication of their rating structure, establishing more detailed territories, and uncovering actionable insights for underwriting.
By leveraging Akur8’s technology, Utica First aims to improve its operational efficiency and precision in pricing models, ensuring that their customers receive superior value and service.
Akur8 CEO Samuel Falmagne stated, “Utica First’s selection of Akur8’s solution reinforces the value of our Core platform in transforming insurance pricing processes. We are excited to support their team in achieving greater efficiency and precision in their pricing models.”
Utica First’s Senior Actuary David Hall expressed his satisfaction, “By integrating Akur8’s solution, Utica First will benefit from the transparency and speed of our machinelearning technology, allowing them to focus on delivering superior value to their customers. This new partnership highlights the effectiveness of Akur8’s solution in improving the pricing process for insurance carriers of all sizes and across all lines of business.”
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