Farm Bureau Insurance Company of Idaho, the largest property-casualty insurer based in the state, has partnered with French insurtech Akur8 to enhance its pricing process. This collaboration aims to improve efficiency and accuracy in pricing decisions by integrating Akur8’s machine-learning platform.
Akur8’s platform, tailored for the insurance industry, combines advanced machine-learning technology with transparent Generalized Linear Model (GLM) outputs to develop faster, more reliable models.
By adopting this technology, Farm Bureau Insurance Company of Idaho seeks to strengthen its data-driven underwriting practices while maintaining its commitment to exceptional service.
Jay Call, Director of Actuarial at Farm Bureau Insurance Company of Idaho, stated, “We’re excited to partner with Akur8 and implement their machine learning and predictive analytics capabilities into our pricing process.”
Combining different model types to estimate the true financial impacts of rate changes, along with leveraging geographic insights, will enhance our team’s efficiency and accuracy, empowering us to deliver better, more informed pricing decisions.
Samuel Falmagne, CEO of Akur8, expressed enthusiasm for the partnership, noting that their AI-powered solution will enhance the insurer’s pricing team’s capabilities, enabling a more predictive and data-driven approach without compromising their tradition of exceptional service and support.
Brune de Linares, Chief Client Officer at Akur8, says that the collaboration reinforces Akur8’s position as a trusted solution for insurance companies across all lines of business, demonstrating significant value delivered to Farm Bureau companies.
By integrating Akur8’s machine-learning technology, Farm Bureau Insurance Company of Idaho is poised to modernize its pricing strategies and maintain its leadership in the property-casualty insurance market.
French insurtech Akur8 has sequred $120 mn in Series C funding, bringing its total investment to $180 mn and its valuation to $400mn, led by One Peak with Partners Group and Guidewire Software, reflects rising demand for advanced actuarial tech in the insurance industry.
The new funding will support global expansion, especially in North America. Akur8 already has a strong presence in the UK, Germany, and the US and aims to strengthen its reach.
Founded in 2018, Akur8 has created a machine learning algorithm that automates insurers’ risk modelling, cutting down the time needed for pricing and reserving. Its platform uses transparent AI to speed up and improve pricing accuracy while keeping models fully auditable and controlled. This has attracted insurers aiming to refine pricing in a competitive market.
