🏢 Promutuel Assurance chooses Akur8 to boost their risk modeling and pricing process
Promutuel Assurance chooses Akur8 to boost their risk modeling and pricing process
Akur8, the next generation insurance pricing solution powered by transparent machine learning, announced that Promutuel Assurance, one of the leading property and casualty mutual insurance carriers in Québec, has chosen Akur8’s modular pricing platform to boost its advanced risk and rate modeling process.
“As a mutual insurance company, our goal is always to protect the things that Quebecers hold dearest. Offering the best insurance products to our clients and collaborating with the best-in-class providers is essential to achieving our mission. We are convinced that partnering with Akur8 on such a critical process as pricing is key to providing accurate and transparent pricing to our policyholders, who are also collectively the owners of our mutual association,” stated Katherine Jacques, VP of Actuarial and Business Intelligence at Promutuel Assurance.
Developed specifically for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for insurers include accelerated model building, transparent GLM outputs, and data-driven pricing decisions. By selecting Akur8’s RISK and RATE modules, Promutuel Assurance increases its pricing sophistication and reduces time spent on the pricing process.
“We are thrilled to begin our new partnership with Promutuel Assurance, a leading insurer in Quebec, and Akur8’s first insurance customer in Canada. It also demonstrates the significance of our solution across different models and lines of business within the global insurance industry, including mutual insurers,” declared Samuel Falmagne, CEO of Akur8.
“This new collaboration with Promutuel is a milestone for Akur8, marking our entry into the Canadian insurance market and strengthening our presence in North America. We look forward to building a long-lasting relationship with Promutuel Assurance and helping them offer the best protection and prices to its policyholders,“ stated Brune de Linares, Chief Client Officer at Akur8.
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. 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 Sura, Mutua Madrileña, Santalucía, AXA, Generali, Munich Re and Tokio Marine North America Services (TMNAS). Over 700 actuaries use Akur8 daily to build their pricing models across all lines of business.
New content available:
Akur8 recently completed a new position paper on Applying Machine Learning to Actuarial and Pricing Workflows.
About Promutuel Assurance
Promutuel Assurance is one of the biggest damage insurers in Québec. It is renowned for financial stability, superior quality products, and outstanding client service and boasts over 2,100 employees serving more than 634,000 insured members. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of clients. It does this by delivering outstanding, personalized service while fostering the mutualist values that have guided it for 170 years.
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Senior Director – Communications and Public Affairs