March 26, 2024

๐Ÿข PZU Strengthens Insurance Pricing Models with Akur8's Demand Module

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Akur8, the next generation insurance pricing solution powered by Transparent AI, is thrilled to announce the expansion of its partnership with the Baltic entities of Insurance Group PZU, one of the largest financial institutions in Central and Eastern Europe, to elevate its insurance pricing models to the next level by harnessing the power of Akur8's innovative Demand module.

PZU's collaboration with Akur8 is a testament to their commitment to innovation and customer-centricity, as the company has been leveraging Akur8โ€™s solution for 3 years. The insurer continues to enhance its insurance pricing strategies and deliver tailored solutions that meet the evolving needs of their customers.

Specifically developed for insurers, Akur8โ€™s solution empowers pricing teams to make better decisions faster, by automating risk modeling using proprietary transparent machine learning technology. The core benefits for insurers include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control of the models created.

โ€œPZUโ€™s Baltics entities first started to leverage Akur8โ€™s solution in 2021 and were part of the early adopters of our platform. We are proud to take the PZU team a step further on the Pricing Sophistication road. We see this extended collaboration as a sign of confidence and satisfaction in our product, further proving its excellence and our ability to meet our clients' needs,โ€ said Samuel Falmagne, CEO of Akur8.

"We are thrilled to strengthen our partnership with Akur8 and leverage their Demand module to enhance our insurance pricing models. With Akur8โ€™s advanced capabilities, we are looking forward to understanding better our customer demand and price sensitivity, enabling us to offer competitive and personalized insurance products," said Anu Hoop, Pricing Actuary at PZU Lietuva

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About PZU

The Powszechny Zakล‚ad Ubezpieczeล„ SA Group (PZU Group) is the biggest financial institution in Poland and Central and Eastern Europe. PZU SA heads up the group and its traditions date back to 1803, when the first insurance company was established in Poland.

The PZU Group's consolidated assets total 90 billion Euros. The Group enjoys the trust of 22 million clients in five countries by offering products and rendering services to retail clients, small and medium enterprises and business entities. The Polish market is the PZU Group's core market measured by its magnitude and client numbers. Nevertheless, its subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU reached 92%, while aided brand recognition is 100%, making PZU the most recognizable brand in Poland. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it has been one of the large cap blue chips offering the highest amount of liquidity from its floatation.

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About Akur8

Akur8 is revolutionizing non-life insurance pricing with Transparent AI. We enhance actuarial capabilities with our user-friendly, machine learning (ML) native solution, built on cutting-edge technology.

Our cloud-based, fully integrated platform empowers insurers to price at unprecedented speed, directly influencing financial outcomes and enhancing risk assessments. Insurers will be able to navigate the dynamic, highly competitive market with unwavering confidence.

Akur8 already serves 120+ customers across 40+ countries, including AXA, Generali, Munich Re and MS&AD. Over 1300 actuaries use Akur8 daily for pricing in all lines of business.ย 

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