🎙 Akur8 gives insights into the evolution of its insurance pricing platform in 2023
Interview with Guillaume Beraud-Sudreau, Founder and Chief Actuary at Akur8
Guillaume Beraud-Sudreau, Founder and Chief Actuary at Akur8, outlines Akur8's 2023 product roadmap.
What is Akur8's key direction for product development in 2023?
As a provider of an integrated pricing platform, next year’s focus will be on the development of new capabilities dedicated to insurance pricing.
We will enrich our rate-making module by allowing our customers to simulate, in one minute, all the consequences of changes in their pricing strategies. Our goal is to give actuaries tools to interact with all stakeholders in their companies, and provide clear and convincing explanations on the pricing decisions they suggest.
Actuarial judgment is - with the use of data - at the core of insurance pricing. Judgment is key for making pricing decisions on segments where little knowledge can be extracted from the available data, or for when it is too complex to quantify explicitly the pricing for some drivers. Akur8 is designed to build and communicate a pricing strategy based on these two elements. 2023 will confirm this direction by providing more advanced data-processing and visualization tools on the platform, with all of them clearly designed to enhance pricing decisions.
What do you see as the main product development challenges in 2023?
Akur8 is a full data-processing platform, dedicated to insurance, so we face two main types of challenges. On the one hand, the platform must be designed to manipulate an extremely variable volume of data (from a few thousand observations to billions) without losing its reactivity. On the other hand, it must be a platform used by actuaries to communicate with non-actuaries; so it must offer a high degree of customization and flexibility without losing clarity in the results computed.
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About Guillaume Beraud-Sudreau
Guillaume is a Founder and Chief Actuary at Akur8. Both a data scientist and an actuary, Guillaume started researching the potential of AI for insurance pricing as head of pricing R&D at AXA Global Direct. He developed early on the conviction that the power of machine learning could transform insurance pricing if applied with utmost transparency. Guillaume went on to found Akur8, the next generation insurance pricing solution.