Insurtech Akur8, a machine learning-based insurance pricing solutions, has acquired Arius, a P&C reserving software.
Arius offers tools that help insurers and reinsurers manage risk and improve financial performance. The platform supports 150 insurance and consulting clients, with over 1,500 users, including major carriers in the U.S. and Canada.
Arius was acquired from Milliman, a global provider of actuarial and risk management solutions. This acquisition adds Arius’s actuarial platform to Akur8’s portfolio, complementing its existing pricing solutions.
Together, Akur8 Pricing and Akur8 Reserving will improve speed, accuracy, and efficiency for non-life insurers, supporting actuaries and underwriters in their core tasks.
Samuel Falmagne, CEO of Akur8, highlighted the industry’s growing challenges and the need for advanced solutions. He emphasized that the Arius acquisition addresses these issues by enhancing Akur8’s market position and expanding its offerings.
Falmagne expressed confidence in delivering more value to clients through a fully integrated pricing and reserving platform.
Ken Scalf, Principal at Arius, stated that combining Arius’s reserving expertise with Akur8’s pricing tools will offer more comprehensive solutions to clients, driving advancements in the actuarial field.
Milliman CEO Dermot Corry noted that the acquisition strengthens the collaboration between Akur8 and Milliman, bringing benefits to their shared clients. As part of the deal, Milliman increased its equity in Akur8.
Akur8 is a technology company specializing in insurance pricing solutions powered by machine learning. Its platform automates the insurance pricing process, enabling insurers to develop more accurate and efficient pricing models.
Akur8 primarily serves non-life insurance companies, helping actuaries and underwriters by improving the speed, accuracy, and transparency of pricing decisions.
Akur8’s solutions integrate advanced data analytics with regulatory compliance, allowing insurers to adjust their pricing based on various market factors while ensuring consistency with industry standards. Its tools are designed to address the growing complexity in the insurance market, including regulatory shifts, competitive pressures, and the increasing use of data-driven decision-making.
The company’s software is used globally by a variety of insurers, enabling them to streamline their operations and improve financial performance. Akur8 is known for its focus on innovation, aiming to redefine traditional actuarial practices through its machine learning-driven platform.
by Peter Sonner
