🏢 Madison Mutual Insurance Company has Partnered with Akur8 to Boost Their Pricing Capabilities Across Personal Lines of Business
Madison Mutual Insurance Company has Partnered with Akur8 to Boost Their Pricing Capabilities Across Personal Lines of Business
Madison Mutual Insurance Company (MMIC) is delighted to announce they have selected Akur8’s Risk and Rate modeling solution to become more competitive by modernizing pricing processes and increasing their pricing sophistication. MMIC is committed to their continued digital transformation by developing relationships with like-minded companies focused on growth within the personal insurance marketplace.
Madison Mutual is a Midwest based company, serving policyholders across Illinois, Missouri, Wisconsin and Indiana. They are dedicated to providing exceptional insurance products and service to their members and agency partners at competitive prices.
Nick Lannutti, Chief Actuary and VP of Operations at Madison Mutual Insurance Company, while reflecting on the recent partnership, noted “Akur8 has effectively multiplied our investment in an in-house actuarial team. With Akur8’s Risk module, we were impressed with the ease and speed of model creation and comparison, and the meaningful high-impact pricing insights, while the Rate module enabled us to quickly automate large amounts of manual work required for rate reviews. We were also extremely impressed with the limited onboarding required combined with the strong support Akur8 provides to our team.”
“MMIC is elated by our partnership with Akur8 and the potential it holds to drive our company’s digital transformational journey in insurance pricing,” stated Allah Rakha Sheikh, Chief Information Officer at Madison Mutual Insurance Company. Sheikh emphasizes Akur8’s innovative technology aligns seamlessly with Madison Mutual’s commitment to delivering exceptional customer experiences and optimizing pricing capabilities.
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 thrilled to partner with Madison Mutual Insurance Company, and help boost their pricing sophistication by providing them with the tools to quickly run models across a variety of coverages, enhance rate review and framework, improve predictive performance and increase transparency on data-driven decisions. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers within this market,” stated Samuel Falmagne, CEO at Akur8.
Brune de Linares, Chief Client Officer at Akur8 agreed, “Our partnership with Madison Mutual Insurance Company, a reliable and well-established P&C company providing Auto, Home, Farm and Personal Umbrella insurance, demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business.”
About Madison Mutual Insurance Company
Madison Mutual distributes its products exclusively through over 435 Independent Agents based in Illinois, Missouri, Indiana and Wisconsin. Madison Mutual Insurance Company was founded in 1920 as the Madison County Mutual Automobile Insurance Company. For over 60 years, the company wrote auto insurance exclusively in Madison County in Southern Illinois, but in 1983, the company expanded to Home, Farm and Personal Umbrella lines and began to expand throughout the rest of the state. Eventually, extending their offerings to three additional states, with no plans on stopping there. Over 100 years later, MMIC continues to grow its network while striving for best-in-class service for our policyholders.
The company’s passion to gain a deeper insight into policyholder’s needs has driven their focus to leverage AI and data analytics enabling more personalized and transparent pricing solutions. Entering into strategic partnerships reflects MMIC’s dedication to innovation, customer-centricity, and providing value to their policyholders.
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 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. Akur8’s strategic partnerships include Milliman, Guidewire, Duck Creek and Sapiens.
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