French insurtech Akur8, an insurance pricing and reserving solution, has announced its partnership with Windward Risk Managers, known for Florida Peninsula Insurance, Edison Insurance, and Ovation Home Insurance Exchange.
Through this collaboration, Windward will use Akur8’s Core Platform to improve predictive modeling and enhance pricing precision for its personal insurance lines.
Akur8’s technology provides automated risk modeling with Transparent ML, offering insurers faster and more accurate predictive capabilities. This approach enables pricing teams to make informed and swift decisions, boosting efficiency and market responsiveness while ensuring model transparency.
Brent Petzoldt, Director of Actuarial and Data Science at Windward Risk Managers, expressed enthusiasm: “Akur8 pricing solution will significantly improve our ability to create and maintain advanced pricing algorithms quickly and accurately.”
Our solution will help their team develop predictive models more efficiently while enhancing pricing transparency and precision
Samuel Falmagne, CEO of Akur8
Brune de Linares, Akur8’s Chief Client Officer, added: “This collaboration highlights the strength and adaptability of Akur8’s technology and reinforces our growth in the US market. We are eager to support Windward in optimizing their pricing strategy and staying competitive.”
Akur8’s dedication to innovation and a seamless user experience adds great value to partnership.
In September, insurtech Akur8 has raised $120 mn in a Series C funding round, bringing its total investment to $180 mn and valuation to $400 mn.
Akur8’s latest funding round, led by One Peak with participation from Partners Group and existing investor Guidewire Software, comes amid a growing demand for advanced actuarial technologies in the insurance sector.
The Paris-based firm, founded in 2018, has developed a proprietary machine learning algorithm that automates risk modelling processes for insurers, significantly reducing the time required for pricing and reserving calculations.
The company’s platform leverages transparent AI to enhance the speed and accuracy of insurance pricing whilst maintaining full auditability and control over the models created. This approach has garnered attention from insurers seeking to optimise their pricing strategies in an increasingly competitive market.
