🏢 SANTALUCÍA strengthens its pricing process with Akur8
The new solution will provide SANTALUCÍA with faster decision making.
Madrid, 15 March 2023
SANTALUCÍA, the leading insurer in household protection, announces a new partnership with Akur8 to improve its pricing process. This new alliance will allow SANTALUCÍA's pricing team to make better and more agile decisions by automating risk modeling through a proprietary and transparent Artificial Intelligence technology.
Developed specifically for insurers, Akur8's solution empowers pricing teams to make better decisions, faster, while maintaining total transparency and control over the models created.
The implementation of Akur8’s state-of-the-art solution in the pricing process is a proof of SANTALUCÍA's intention to move forward on the path of innovation. In this way, the insurer will significantly accelerate its time-to-market and offer its customers tighter prices with a greater degree of personalisation.
SANTALUCÍA continues to move forward on the path of innovation as the group has decided to implement Akur8’s state-of-the-art solution into their pricing process. Thanks to this collaboration with Akur8, SANTALUCÍA will significantly accelerate their time-to-market, reduce modeling time and offer their customers more adjusted prices with a higher degree of personalization.
"At SANTALUCÍA, we are always looking for new opportunities to offer our current and future policyholders the best products and services. Akur8 is fundamental to this goal as it is innovative, easy to use and built with fairness and transparency at its core. It will increase the efficiency of our pricing process to the benefit of our pricing teams and policyholders," says Dominique Uzel, Business Director at SANTALUCÍA. "We have been impressed by the efficiency of Akur8 in many ways: the speed of the modeling process, the accuracy of the models created, and the numerous functionalities available were game changing," adds Uzel.
“We are delighted to start this new collaboration with SANTALUCÍA! We are proud to provide them with a state-of-the-art solution to take their pricing capabilities to new heights and bolster innovation at the core of the pricing process” said Samuel Falmagne, CEO 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 60+ customers across 20+ 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.
Akur8 recently completed a new position paper on Applying Machine Learning to Actuarial and Pricing Workflows.
SANTALUCÍA, a comprehensive insurance company with 100 years of history, is the parent company of GRUPO SANTALUCÍA, a provider of protection, savings and family assistance services, with a significant presence in different channels and geographies.
At the end of 2021, the Group had consolidated revenues of EUR 2,891 million and total assets of EUR 13,179 million.
AM Best rates SANTALUCÍA's financial strength (FSR) as "A" (Excellent), and its long-term issuer credit rating (ICR) as "a", both with a stable outlook. Fitch rates SANTALUCÍA's financial strength (IFS) as "A", and its rating as "A-", both also with a stable outlook. In October 2022, the same agency reaffirmed the financial strength rating as "A" with a stable outlook.
Although its main market is in Spain, the Group is developing an important internationalization strategy and is currently present in Portugal, Colombia, Mexico, Chile and Argentina.
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