Georgia Farm Bureau’s personal lines actuarial team is made up of five people. The team handles the full spectrum of actuarial responsibilities, including pricing, reserving analysis, and predictive modeling.  Despite their small size, this team operates in a market dominated by billion-dollar competitors. 

To maintain their competitive position, the team was tasked with a major challenge: overhauling their territorial rating structure. Their existing framework was far less granular than those used by larger competitors, and keeping pace meant developing a more detailed, data-driven approach that could match the sophistication of these industry giants.

Achieving this required extensive analytics and complex modeling, pushing this five-person team to deliver work typically handled by much larger departments.

Akur8 Pricing enabled a 5-person actuarial team to cut a 3-year project down by a full year

Georgia Farm Bureau’s leadership team called for an overhaul of the rating structure, first for auto, then homeowners. What was once projected to take three years is now on track to be completed a full year ahead of schedule.

By integrating Akur8 Pricing into their workflow, the team was able to streamline territory analysis, GLM development, model validation, and the creation of regulatory exhibits. This automation removed much of the manual coding, freeing the team to work on multiple initiatives simultaneously rather than being tied to a single project for months on end. They transformed what was once a time consuming initiative into a streamlined, high-impact deliverable. 

This marks a dramatic shift from their previous experience with a similar project for personal auto, which took nearly a full year using open-source tools. At that time, the team had to code, test, and debug everything themselves. Compared to that process, Akur8 allowed them to complete an equally large territorial project in a fraction of the time.

Impact Beyond Speed

While the efficiency gains from Akur8 were transformational, the benefits extended well beyond faster timelines. 

Akur8 Pricing has allowed the Georgia Farm Bureau actuarial team to expand their scope, incorporating new predictor variables and building stronger, more transparent justification packages for management and regulators.

With the time savings from Akur8, the team is no longer forced to focus exclusively on a single massive project. They can complete large initiatives like homeowners territories and quickly pivot to the next priority, such as revisiting personal auto. Instead of pushing future projects years down the road, they can now move on to them immediately.

This ability to work in parallel and maintain momentum is crucial in a market where they are competing against companies with far greater resources. With Akur8, the team can leverage their limited resources more strategically, keep pace with industry leaders, and continue building and defending market share in a highly competitive environment.

Conclusion

With only five members, the Georgia Farm Bureau actuarial team is competing head-to-head in a personal lines market dominated by billion-dollar companies. By adopting Akur8, they’ve transformed a once time-consuming, code-heavy process into a streamlined workflow that delivers results faster, with greater accuracy and transparency.

What previously consumed years can now be completed in months, freeing the team to tackle more projects, incorporate richer analytics, and respond to market demands with agility.