Insurtech Akur8 has closed a new funding round of $25 mn, bringing its total funding to over $60 mn.
This latest investment round closed four years after Akur8 first commercialized its platform and introduced a new investor, FinTLV.
Besides FinTLV, Guidewire Software, Inc. is also investing in this round, together with historical investor BlackFin Capital Partners.
In February, Akur8 closed a Series B funding round of $30 mn led by an undisclosed investor. The round is to support international expansion.
Akur8 is insurance pricing with Transparent Machine Learning, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control.
Akur8’s user-friendly and transparent platform diminishes bias during the modeling process, increases pricing sophistication, modernizes our processes and establishes a robust modeling framework with embedded best practices for statistical analysis and compliance.
This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our growth in key markets such as the US and APAC, and equip P&C and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelesslyBrune de Linares, Chief Client Officer at Akur8
To further enable and enhance capabilities, insurtech recently conducted a new fundraising to bring additional strategic partners to the table.
Akur8 is used by actuaries and pricing teams to make faster decisions about insurance pricing. Customers include AXA, Generali and Munich Re, specialty insurers Canopius and Tokio Marine Kiln, insurtechs Wakam and wefox, as well as mutualistic player Matmut.
FinTLV Ventures, a leading global venture capital firm with an extensive network investing in top InsurTech and FinTech companies
Samuel Falmagne, CEO of Akur8
Insurtech modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators.
With Akur8, time spent modeling is reduced by 10x, the models’ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%.
Akur8 already serves 100+ customers across 40+ countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS) and MS&AD; commercial P&C insurers FCCI and HDVI; specialty insurers Canopius and MGA Bass Underwriters; consulting partner Milliman and Perr & Knight; and insurtechs NEXT, Manypets and wefox. Over 1,000 actuaries use Akur8 daily to build their pricing models across all lines of business.
by Peter Sonner