February 28, 2022 11:02 AM Eastern Standard Time
PARIS & BOSTON–(BUSINESS WIRE)–Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce its Gold sponsorship of Duck Creek Formation ‘22, Duck Creek’s annual conference for the Duck Creek community, taking place March 6 through March 8 in Orlando, Florida.
The strategic partnership between Duck Creek and Akur8 has been a game-changer for the P&C insurance industry, delivering a combined SaaS platform that streamlines and empowers insurers’ rate-making process from data to production. Insurers can enhance their rate-making capabilities within Duck Creek’s industry-leading Platform, from Duck Creek Insights’ data management solution, through Akur8’s unique rate modeling solution, to Duck Creek Rating’s product definition, “what-if” scenario analyses, and quoting.
Specifically developed for actuaries and predictive modelers, Akur8’s solution enhances insurers’ pricing processes by automating technical and commercial premium modeling with proprietary transparent machine learning technology. The core benefits for insurers include a reduction in data preparation and modeling time which effectively accelerates time to market and the production of more predictive models, while ensuring full transparency and control of the models created.
“We are a proud strategic partner of Duck Creek Technologies, the largest P&C insurance market worldwide, and this sponsorship is the logical progression of our strong relationship. Akur8 is a perfect technological fit with the Duck Creek Suite, especially with Duck Creek Rating, a best-in-class rating engine that modernizes insurers’ rating functions and brings a substantial value-add to P&C insurers looking for an integrated, end-to-end rate-making solution that can enable their digital transformations. We at Akur8, with Duck Creek, are excited to deliver our combined performance to many P&C insurers worldwide,” said Samuel Falmagne, CEO of Akur8.
Akur8 is revolutionizing 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. Our 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 40+ customers across 20+ countries, including AXA, Generali and Munich Re; specialty insurers Canopius and Tokio Marine Kiln; consulting partners Xceedance and Perr & Knight; and insurtechs Bought by Many and wefox. 600 actuaries use Akur8 daily to build their pricing models across all lines of business.