June 27, 2023

๐Ÿข Akur8 Selected by WRG to Boost Their Pricing Capabilities Across Personal and Commercial Lines of Business

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Akur8 Selected by WRG to Boost Their Pricing Capabilities Across Personal and Commercial Lines of Business

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Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce that Western Reserve Group (WRG), a leading P&C mutual insurance company offering personal, farm, and commercial insurance products, has selected Akur8โ€™s Risk and Rate modeling solution to improve their pricing sophistication and predictive performance. 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 excited to support WRG, a strong mutual insurance leader known for providing the highest quality property and casualty insurance products, and empower them with our state-of-the-art risk and rate modeling platform. This partnership also demonstrates the relevance and attractiveness of Akur8โ€™s solution for regional insurance providers within the mutual insurance market,โ€ stated Samuel Falmagne, CEO at Akur8.โ€
Brune de Linares, Chief Client Officer at Akur8 agreed, โ€œOur partnership with such an established insurance provider committed to offering superior coverage, competitive pricing and exemplary service to hundreds of thousands of policyholders within the P&C insurance market, demonstrates that Akur8 is a powerful pricing solution for all sizes of insurance companies across all lines of business.โ€

WRG is an A.M. Best Rated company and a top 200 U.S. Property and Casualty Writer for over 50 years. Founded over 115 years ago, WRG has provided the highest quality P&C insurance products by embracing change and adapting their processes using ever-changing technology to enhance agent and customer experiences. The Group has a mission to meet and exceed the expectations of their policyholders and customers when they are needed most.

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โ€œWe found insightful interactions after one day of modeling with Akur8โ€™s insurance pricing solution. Leveraging this user-friendly and transparent platform will enable our pricing team to build better models faster across more lines of business,โ€ noted Nick Foore, Assistant Vice President Strategic Development at WRG.

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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.

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About WRG Insurance

WRG is an Ohio based property and casualty company, conducting business in Ohio and Indiana and are represented exclusively by a quality independent agency force. Dedicated to the independent Agency distribution system of insurance, WRG focuses on developing insurance products that provide superior coverage in the event of loss to home, automobile, farm, or business. The company upholds standards that exceed excellence in all areas of service whether it is risk underwriting, premium pricing, or claims handling. For more information, visit wrg-ins.com. Stay up to date on the latest with IMT by visiting their LinkedIn and Facebook.

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Press Contactsย 

Heide Sacher

Head of Marketing for US

AKUR8

908-977-6526

heide.sacher@akur8.com

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