New challenges for Commercial lines
Commercial lines carriers are affected by several long-term trends: the industry race to invest in data & analytics resources, changing customer behaviors and expectations, disruptive competitors and increasing regulatory constraints. Given current market pressure, pricing sophistication is a must for commercial carriers.
Boost your pricing process
Customize your models with utmost flexibility
The specific risks of commercial lines insurance require extremely flexible modeling tools, giving underwriters the ability to input their industry knowledge and expertise into the rate-making process. Akur8 allows underwriters to manually adjust pricing coefficients and to make sure final rates are both data and expertise-driven.
Improve your models’ predictive power
Even with heterogeneous and imperfect data, the power of machine learning can generate substantial predictive power gains while helping you improve the quality of your datasets. Build more sophisticated models - which in turn generate significant loss ratio improvement potential.
Achieve significant efficiency gains throughout your pricing process
Price 10x faster thanks to the automation of variable groupings, variable selection, interactions and geo-modeling; and also thanks to project parallelization and auto-generated documentation.
Make the most of limited pricing resources
Investing in pricing process sophistication is a must for all pricing teams. It is even more critical for smaller teams. A high-performing pricing tool can significantly free up time for pricing and underwriting teams to focus on more high-value-added tasks.
They implemented the solution
"Together with Akur8, we’re able to further innovate upon our current capabilities to deliver even more accuracy, speed and efficiency at scale for NEXT’s growing customer bases."
“Speed wins in our business. Using Akur8’s solution allows our pricing actuaries to build models more quickly, giving us more time for testing and, more importantly, improving speed to market on our product offerings.”