🏢 Akur8 Selected by Canal Insurance to Boost Their Pricing Capabilities Across Commercial Lines of Business
Akur8 Selected by Canal Insurance to Boost Their Pricing Capabilities Across Commercial Lines of Business
Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce that Canal Insurance Company has selected Akur8’s Risk and Rate modeling solution to enable its actuarial team to quickly build comprehensive models and implement model testing into their pricing process. Through this agreement, Akur8 continues its growth within the commercial 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 P&C insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting.
“We are excited to partner with Canal and empower their actuarial team with Akur8’s state-of-the-art risk and rate modeling platform. Joining forces with a leading property and casualty commercial insurer in the largest insurance market worldwide is a key step for us in our development trajectory, and demonstrates the relevance and attractiveness of Akur8’s solution for commercial insurance companies across the US,” stated Samuel Falmagne, CEO at Akur8.
Brune de Linares, Chief Client Officer at Akur8 agreed, “This new partnership with Canal , a well-known and established commercial trucking insurer, demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business.”
“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,” noted Paul Brocklebank, President and CEO at Canal Insurance Company.
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.
Akur8’s 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%.
About Canal Insurance Company
Rated A- by A.M. Best, Canal Insurance Company has specialized in providing insurance to commercial trucking and specialty transportation insureds through selected professional agents for more than 80 years. Visit canalinsurance.com for other news and information.
Head of Marketing for US
Laura Beth Medley, PHR, SHRM-CP
VP, Chief Human Resources & Corporate Communications Officer
Canal Insurance Company