🗓 Akur8 Platform Selected by HDVI to Support Development of Telematics-Based Insurance Models
Akur8 Platform Selected by HDVI to Support Development of Telematics-Based Insurance Models
NEW YORK – (Nov. 22, 2022) – Akur8, the next generation insurance pricing solution powered by transparent machine learning, announced that High Definition Vehicle Insurance (HDVI), a technology-first commercial auto insurance provider, has selected its modular pricing platform to accelerate their advanced risk model development. Through this agreement, Akur8 continues its growth within the commercial auto insurance marketplace in the U.S.
Developed explicitly for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for the commercial insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting.
“We are excited to support HDVI, a modern leader that is revolutionizing commercial auto insurance, and to empower them with our state-of-the-art risk and rate modeling platform. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers within this market,” stated Samuel Falmagne, CEO at Akur8.
HDVI is a leading insurtech in the commercial auto industry. In 2021, the company launched its industry-leading, proprietary product HDVI Shift. Using HDVI’s proprietary dataset, coupled with its core telematics model, it uses onboard telematics data to inform real-time risk models. With HDVI Shift, fleets can save up to 12% on their monthly premium based on real-time driver safety. HDVI is the only commercial auto company that offers an insurance rate that can change monthly in response to improved fleet safety.
Brune de Linares, chief client officer at Akur8 agreed, “This new partnership with such a pioneering and dynamic commercial trucking insurer demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business.”
Akur8’s platform requires no coding, reducing data preparation and modeling time, streamlining the process, and accelerating market time while ensuring full transparency and control of the models created.
“As a data-driven company, HDVI continues to invest in tools that leverage our proprietary big data sets and telematics data to develop industry-leading insights and risk models,” said Todd Witte, chief of insurance product and pricing for HDVI. “The Akur8 platform enables greater collaboration across our growing team. By eliminating the coding language barrier and providing increased transparency, it will reduce errors and allow us to more quickly develop additional models that can be incorporated into our insurance product and safety solutions.”
HDVI selected Akur8 after a long-term pilot and immediately began using the platform.
Akur8 is revolutionizing 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 60+ customers across 20+ countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS); commercial P&C insurers FCCI and HDVI; specialty insurer Canopius and MGA Bass Underwriters; consulting partner Perr & Knight; and insurtechs Manypets and wefox. Over 700 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8’s strategic partnerships include Milliman, Guidewire, Duck Creek and Sapiens.
Akur8 recently completed a new position paper on Applying Machine Learning to Actuarial and Pricing Workflows. Click below to learn more.
HDVI provides fleets with the data, tools and coverage needed to reduce insurance costs, increase safety, mitigate risk, and improve efficiency. The company provides commercial fleets with an innovative, flexible insurance product alongside powerful, easy-to-use tools to help them improve safety, compliance, and profitability. HDVI is headquartered in Chicago, Illinois, with additional offices in Greenville, South Carolina; Austin, Texas; Columbus, Ohio; and San Francisco, California. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies.
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