Akur8, the pricing platform for next-generation insurers, and Milliman, a leading global actuarial advisory firm, announce the global expansion of their strategic partnership. The collaboration between Milliman and Akur8 will provide next-generation pricing resources and consulting services to P&C insurers, insurers and MGAs in the US, Europe, South America, Asia and Africa.
Custom-built for insurance companies, Akur8’s software is a unique cloud-based platform that uses proprietary Transparent ML (Machine Learning) technology to fully automate the pricing process and provide better pricing methods. Key benefits for insurers include higher predictive performance and improved speed/accuracy, resulting in greater market responsiveness and immediate business impact, while maintaining full visibility and control over the models created.
Thanks to the collaboration between Milliman and Akur8, property insurers, insurers and MGAs have access to a scalable solution that offers efficiency across the entire appraisal process, faster time to market, higher modeling accuracy, better internal governance and full compliance. Akur8 and Milliman executives will share these benefits in a joint workshop on “Insurance Pricing and Underwriting Innovation A Strategic Imperative” at this month’s InsureTech Connect (ITC) Vegas 2022 conference.
“With property insurers’ earnings streams tightened as a result of inflation and tough market conditions, it is critical to use innovative approaches to improve rating efficiency, accuracy and time to market,” said Richard Lord, Global Practice Director of P&C at Milliman. “Milliman’s expanded partnership with Akur8 provides a one-stop shop for insurers and technology companies worldwide.”
“Milliman specializes in developing and enhancing insurance products for traditional and emerging markets where having a premium development and pricing tool that provides agility, transparency and control is critical, and Akur8 meets that need,” said Sheri Scott, Principal and Consulting Actuary at Milliman. “We have already successfully launched Akur8’s platform combined with Milliman’s consulting services in 13 countries on five continents and look forward to further expansion.”
“Akur8 is excited to establish and expand its strong partnership with Milliman on a global scale. The combination of Akur8’s state-of-the-art platform with patented Transparent ML technology and Milliman’s leading actuarial capabilities and data solutions creates a cutting-edge insurtech solution , leveraging legacy, conventional methods are quickly falling behind,” commented Samuel Falmagne, CEO of Akur8.
“We have intensified our global footprint in recent months and the expanded strategic relationship with Milliman, which provides our combined offering to property insurers, insurers and MGAs worldwide, is a natural step for Akur8,” added Brune de Linares, Chief Client Officer at Akur8. , add.
Akur8 revolutionizes the insurance appraisal process with transparent machine learning, improving insurers’ appraisal capabilities with unprecedented speed and accuracy throughout the appraisal process without compromising auditability or control. Our modular pricing platform automates technical and commercial premium modeling. It enables insurers to calculate tailored and accurate rates in line with their business strategy, while significantly impacting their business and maintaining absolute control over the models created, as required by regulators worldwide. With Akur8, the time required for modeling is reduced by 10 times, the forecasting power of the models is increased by 10, and the potential to improve the loss ratio is increased by 2-4. Akur8 already has more than 50 customers in more than 20 countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS), specialty insurers Canopius and MGA Bass Underwriters, consulting partners Xceedance and Perr Knight, and insurtechs Manypets and wefox. Over 700 actuaries use Akur8 every day to create their rating models for all industries.
Milliman is one of the world’s largest providers of actuarial products and services. The firm provides consulting in health care, property and casualty insurance, life insurance and financial services, as well as employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the world.
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