July 26, 2023

๐Ÿข Akur8 Selected by Cypress Property & Casualty Insurance to Boost Their Pricing Capabilities Across Personal and Commercial Lines of Business

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Akur8 Selected by Cypress Property & Casualty Insurance to Boost Their Pricing Capabilities Across Personal and Commercial Lines of Business

Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce that Cypress Property & Casualty Insurance Company (Cypress P&C) has selected Akur8โ€™s Risk and Rate modeling solution to empower their actuarial team to build high performing, explainable pricing models, and to establish a robust predictive modeling framework. Through this agreement, Akur8 continues its growth within the personal and commercial insurance marketplace in the U.S.

Developed explicitly for insurers, Akur8โ€™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.

โ€œWe are thrilled to team up with such a well-respected and established insurer like Cypress P&C, and empower their actuarial team with our state-of-the-art risk and rate modeling platform.ย  This partnership also demonstrates the relevance and attractiveness of Akur8โ€™s solution for insurance providers across the US - a highly strategic market for us,โ€ stated Samuel Falmagne, CEO at Akur8.
Brune de Linares, Chief Client Officer at Akur8 agreed, โ€œOur new partnership with Cypress P&C, a strong, proven insurance provider offering solid insurance products and services for over two decades to meet the needs of home and business owners alike, further demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business.โ€

Cypress P&C is a Demotech A (Exceptional) rated insurance company, offering an array of innovative insurance products, including Homeowners, Artisans General Liability, and Condominium Owners to clients in Florida and Texas. With outstanding experience, innovation and financial strength, Cypress positions itself to remain an industry leader, and more importantly, to assure its customers that they are covered.

โ€œThe Akur8 platform does a remarkable job at streamlining complex ratemaking and modeling tasks. By leveraging this solution, our team can quickly run pricing and profitability models for multiple lines of business, across geographic locations.ย  Akur8 allows us to easily summarize complex results and distribute them across internal teams,โ€ noted John Myers, Vice President, Product Management at Cypress P&C.

About Akur8
Akur8 is revolutionizing insurance pricing with Transparent Machine Learning, boosting insurersโ€™ 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 modelsโ€™ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%.

Akur8 already serves 80+ customers across 40+ countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS) and MS&AD; commercial P&C insurers FCCI and HDVI; specialty insurers Canopius and MGA Bass Underwriters; consulting partner Perr & Knight; and insurtechs NEXT, Manypets and wefox. Over 900 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8โ€™s strategic partnerships include Milliman, Guidewire, Duck Creek and Sapiens.ย ย 

About Cypress P&C Insurance Companyโ€

Cypress P&C, headquartered in Jacksonville, Florida, is powered by over 150 energized professionals. The company differentiates itself with its unwavering dedication to fast, fair, and efficient claims handling, quality underwriting, superior customer service, and an unparalleled reinsurance program providing a competitive advantage and ensuring the financial stability of the company. For more information, visit cypressig.com. ย 

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Press Contactsย 

Heide Sacher

Head of Marketing for US

AKUR8

908-977-6526

heide.sacher@akur8.comย 

โ€

John Myers, ACAS, CPCU

Vice President โ€“ Insurance Product

Cypress Property & Casualty Insurance Company

610-675-5332

JMyers@cypressig.com

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