PriyaPatel
TLDR:
- Akur8’s next-generation insurance pricing solution will be used by Millennial Specialty Insurance (MSI) to streamline decision-making processes within its pricing team.
- Akur8’s solution utilizes proprietary machine-learning technology to accelerate model building, provide transparent GLM outputs, and enable data-driven underwriting.
Akur8, a next-generation insurance pricing solution, has announced a collaboration with Millennial Specialty Insurance (MSI) to enhance the decision-making processes within its pricing team. MSI will leverage Akur8’s unique Risk and Rate modeling solution to improve its pricing capabilities and deliver more competitive rates to its clients. Akur8’s innovative approach, designed specifically for insurers, utilizes machine-learning technology to accelerate model building, provide transparent GLM outputs, and enable data-driven underwriting.
The partnership between Akur8 and MSI marks another step in Akur8’s expansion within the U.S. personal insurance market. Samuel Falmagne, CEO at Akur8, expressed excitement about the collaboration, highlighting the relevance and attractiveness of Akur8’s solution for innovative insurance providers in the P&C market. The core benefits of Akur8’s solution for the P&C insurance marketplace include faster model development, transparency in outputs, and data-driven underwriting decisions.
MSI offers a wide range of insurance products and serves over 1.5 million customers, generating more than $900 million in written premiums. The collaboration with Akur8 will allow MSI to enhance its risk and rate modeling capabilities, providing more accurate and tailored insurance solutions to clients. Fan Feng, Predictive Modeling Manager at MSI, expressed excitement about leveraging innovative technology to streamline operations and deliver competitive pricing.
The partnership between Akur8 and MSI demonstrates the effectiveness of Akur8 as a premier pricing solution for all sizes of insurance companies across different lines of business. The collaboration aims to improve the overall efficiency and effectiveness of insurance pricing models, ultimately driving better outcomes for clients. This innovative pricing solution is expected to enhance decision-making processes within MSI’s pricing team and deliver more competitive rates to clients.
