Akur8, a insurtech provider of advanced insurance pricing and reserving solutions using transparent machine-learning technology, has announced a strategic collaboration with the American Association of Insurance Services (AAIS). This partnership aims to enhance predictive modeling capabilities for the Property and Casualty insurance sector.
Akur8’s ML platform, designed specifically for insurers, accelerates pricing processes while ensuring transparency. The platform offers faster model development, improved Generalized Linear Modeling (GLM) outputs, and advanced data-driven underwriting, providing significant benefits to the P&C insurance market.
The collaboration underscores both organizations’ commitment to integrating advanced technology to drive innovation and efficiency. Akur8’s tools combine actuarial precision with cutting-edge technology, equipping insurers with solutions that improve decision-making and operational transparency.
Akur8, established in 2018, specializes in AI-driven insurance pricing and reserving solutions. Their platform leverages machine learning to enhance speed and accuracy in insurers’ pricing processes while maintaining transparency and control. This approach enables actuaries to develop predictive models more efficiently, leading to improved decision-making.
Sam Falmagne, CEO of Akur8, remarked, “AAIS’s adoption of Akur8’s Core Solution demonstrates their dedication to delivering top-tier services for their members.”
This partnership with AAIS showcases Akur8’s transformative role in refining the pricing process for insurers. We’re eager to work together to foster ongoing innovation and advancement in the insurance landscape
Brune de Linares, Chief Client Officer of Akur8
Michael Payne, FCAS, MAAA, and Chief Pricing Actuary of AAIS, highlighted, “Our Actuarial Services team is excited to integrate Akur8’s Core Platform into our predictive modeling strategy. The ability to build a repeatable, end-to-end process with enhanced visualizations and built-in reporting is essential for expanding our use of predictive models.”
The company has experienced growth, now serving over 250 insurers across more than 40 countries. Notable clients include AXA, Generali, Munich Re, MAPFRE, HDI, Tokio Marine, and MS&AD. Akur8’s platform is utilized daily by over 3,000 actuaries to build pricing models and reserving projections across various lines of business.
In September 2024, Akur8 secured $120 mn in Series C funding, bringing its total investment to $180 million. This funding round was led by One Peak, with participation from Partners Group and existing investor Guidewire Software.
The investment aims to fuel product innovation, particularly in developing new modules like Optim and Deploy, and to accelerate global expansion, especially in North America.
Akur8’s commitment to innovation is further demonstrated by its acquisition of the Arius reserving platform, expanding its product portfolio and customer base. This strategic move bridges the gap between reserving and pricing, offering a more comprehensive solution to insurance carriers worldwide.
With offices in Paris, London, Milan, Cologne, New York, Atlanta, Montreal, and Tokyo, Akur8 operates as a multinational company. Its diverse team comprises professionals from various industries, including insurance, strategy consulting, and technology, fostering a culture of inclusivity and innovation.
