PriyaPatel
TLDR:
- Akur8’s innovative insurance pricing solution selected by Millennial Specialty Insurance (MSI) to streamline decision-making processes.
- Partnership to enhance pricing capabilities, deliver competitive rates, and expand within the U.S. personal insurance market.
Key Elements of the Article:
Akur8, a next-generation insurance pricing solution, has partnered with Millennial Specialty Insurance (MSI) to enhance its pricing capabilities and streamline decision-making processes within its pricing team. MSI will adopt Akur8’s Risk and Rate modeling solution, utilizing proprietary machine-learning technology for faster model building, transparent GLM outputs, and data-driven underwriting. This collaboration marks Akur8’s expansion within the U.S. personal insurance market, showcasing the relevance and attractiveness of their solution for innovative insurance providers.
The core benefits of Akur8’s solution for the Property and Casualty (P&C) insurance marketplace include faster model development, transparency in outputs, and data-driven underwriting decisions. MSI, serving over 1.5 million customers and generating more than $900 million in written premiums, offers a wide range of products and is dedicated to crafting solutions for individuals and businesses facing significant risks.
The collaboration between Akur8 and MSI highlights the commitment to providing clients with accurate and tailored insurance solutions through innovative technology. Fan Feng, Predictive Modeling Manager at MSI, expressed excitement about enhancing risk and rate modeling capabilities to drive better outcomes and deliver competitive pricing to clients. This partnership demonstrates that Akur8 is a premier pricing solution for insurance companies of all sizes across various lines of business.
Overall, the collaboration between Akur8 and MSI aims to improve the efficiency and effectiveness of insurance pricing models, deliver competitive rates to clients, and enhance risk assessment capabilities. The partnership signifies a mutual commitment to innovation and client-focused solutions within the insurance industry.
