ITC DIA Europe

AKUR8: Boost your insurance pricing with Transparent Machine Learning 

Written by Jolijn Schalkwijk on Jan 25, 2024

Classic actuarial work can be ineffective in pricing quality and delivery speed. Akur8 aims to revolutionise insurance pricing with Transparent Machine Learning, boosting non-life insurers’ pricing capabilities with speed and accuracy across the pricing process without compromising on auditability or control. 

Its modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their commercial strategy while impacting their business and maintaining absolute control of the models created, as required by regulators worldwide. 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%. 

How it works 

Akur8 supports pricing experts at every step of the pricing process, leading to an increased efficiency. From data processing and visualization to exporting final models, Akur8 provides a comprehensive modular approach to pricing built around three main modules: 

  1. Risk – to build technical models and pure premiums 
  1. Demand – to build behavioral conversion and retention models and measure price elasticity 
  1. Rate – to iterate on rate plans (commercial premiums) and run portfolio analyses 

Why we selected AKUR8 for ITC DIA Europe Munich

Akur8 developed an AI-based insurance pricing solution that automates modelling for insurance companies while keeping full transparency and control of the models created, as required by regulators worldwide. Akur8 claims to be the only solution on the market reconciling Machine Learning and Actuarial worlds – enabling customer lifetime value-based price optimization. 

Jan Küthe, Actuarial Data Scientist, presented their solution at ITC DIA Europe Munich. The crowd seemed to love the solution as well. AKUR8 won an ITC DIAmond award at both ITC DIA Barcelona and ITC DIA Europe Munich! 

Who is AKUR8? 

The Akur8 is founded in 2018. The solution was launched in 2019 and since then, Akur8 has acquired more than 100 customers across 5 continents and 40+ countries, including global leaders AXA, Generali and Munich Re, specialty insurers Canopius and Tokio Marine Kiln as well as insurtechs Wakam and wefox. 900+ actuaries use Akur8 daily to build their pricing models across personal and commercial P&C and health lines. 

“Our Vision is to revolutionize insurance pricing leveraging transparent AI – allowing insurance carriers to significantly improve profits and to grow faster – while reinforcing regulatory compliance and models governance.”

Samuel Falmagne, CEO
Team Akur8 
Amsterdam 12-13 June

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