AI-driven pricing insurance company, Akur8, has announced that it has partnered with Duck Creek Technologies – a leading provider of software-as-a-service (SaaS) insurance core systems.
The partnership between the two companies will offer property & casualty (P&C) insurance carriers a fully integrated SaaS platform that will streamline and empower insurers’ rate-making process from data to production.
Developed specifically 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.
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.
“Akur8 is a proud partner of Duck Creek Technologies, one of the largest P&C insurance technology marketplaces worldwide, and we are excited for our integration to be available for mutual customers on the Duck Creek Content Exchange,” said Samuel Falmagne, CEO of Akur8.
“Our price modeling solution is a perfect technological fit within 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. This partnership is a game-changer for the P&C insurance industry.”
Guillaume Beraud, Founder & Chief Actuary at Akur8, added: “We are excited to team with Duck Creek to deliver our combined performance to many P&C insurers worldwide. Carriers will now be able to enhance their rate-making capabilities within Duck Creek’s industry-leading platform.
“The Akur8 integration wizard provides users the ability to pull the rating factors and coefficients generated by Akur8’s automated insurance pricing platform and import those directly into Duck Creek Rating. This direct export/import process increases security, lowers the risk of errors, and provides a seamless user experience from technical actuarial modeling to production,”
Andy Yohn, Vice President of Product Development at Duck Creek Technologies, commented: “Akur8’s proprietary machine learning algorithms automate rate modeling and produce model output that is easily explainable, transparent, and auditable. Jointly, Akur8’s integrated pricing solution within Duck Creek Policy and Duck Creek Rating provide an end-to-end solution that enables insurers to accelerate time-to-market by building and deploying rates faster.”
“Akur8 has built a strong foundation for the future of rate modeling and their focus on transparency and control allows insurers to take advantage of the power of machine learning applied to rate management, without the dislocation problems caused by black-box algorithms,” said Robert Fletcher, Head of Global Solution Partnerships at Duck Creek Technologies.
“At the same time, Akur8’s automation capabilities increase speed to accuracy without sacrificing precision. By partnering with Duck Creek, Akur8 will help more insurers accelerate their time to market while being confident in the predictive power of their models and the safety of their decisions. We are very excited to bring our combined strengths to the market.”
In addition, it was recently announced that Akur8 had gone into collaboration with AXA Tianping, to further strenghten AXA Tianping’s pricing process.
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