🤝 Akur8 and Guidewire Expand Partnership with New Funding
October 31, 2023
Akur8, the next generation insurance pricing solution, announced today a significant expansion of their partnership with Guidewire, including the company’s recent investment in Akur8.
“We are extremely excited to expand our partnership with Guidewire, and believe the key to Akur8’s ongoing success as a company and a competitor is to continue expanding our reach in both the insurance and insurtech spaces,” noted Samuel Falmagne, Chief Executive Officer of Akur8.
“To further enable and enhance our capabilities, we recently conducted a new fundraising initiative to bring additional strategic partners to the table. We are thrilled that Guidewire chose to invest in Akur8 - a powerful endorsement of our immediate and future potential, and the first step in what is sure to be a long and successful partnership, with even more exciting news to come. As a proud Guidewire PartnerConnect Solution partner, we are thrilled to once again sponsor Guidewire Connections in November, and present together at ITC Vegas this week,” Sam continued.
Developed explicitly for insurers, Akur8’s solution enhances pricing methods for actuaries and predictive modelers through its unique, cloud-based platform and proprietary, transparent Machine Learning (ML) technology. The core benefits for the P&C insurance marketplace include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while also maintaining full transparency and control of the models created.
“When used together, Guidewire’s new cloud-based rating app and Akur8 models offer optimized support for the rating and pricing lifecycle. The combination of Akur8’s innovative and state-of-the-art automated solution with Transparent ML proprietary technology, and Guidewire’s industry-leading P&C platform that supports the entire insurance lifecycle, creates an insurance pricing solution that quickly leaves behind older, conventional methods,” said Roger Arnemann, General Manager & Senior Vice President, Analytics, Guidewire.
Leaders from Akur8 and Guidewire, alongside prominent figures in the P&C insurance industry, will host a workshop this week at the ITC Vegas 2023 conference titled, “Unlocking the Potential of Pricing Analytics and Underwriting Innovation.” This session promises to be a pivotal discussion on the future of insurance pricing and underwriting.
Akur8 is revolutionizing non-life insurance pricing with Transparent Machine Learning, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control.
Our modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators. 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%.
Akur8 already serves 100+ customers across 40+ countries, including P&C global carriers AXA, Generali, Munich Re, Europ Assistance, Tokio Marine and MS&AD; commercial P&C insurers TMNAS, FCCI, NEXT, HDVI and Canal; personal and commercial P&C insurers Cypress, Madison Mutual and Western Reserve Group; and specialty P&C insurers Canopius and Bass Underwriters. Over 900 actuaries use Akur8 daily to build their pricing models across all lines of business.
Head of Marketing for the U.S.