Build better pure premiums with our insurance risk modeling software
Akur8 Risk
Quickly generate, select and adjust your insurance risk models with transparency and control
- Easily upload, visualize and prepare your data.
Create new variables and automatically generate GAM and GLM for insurance pricing. - Leverage Transparent AI to save time on variable selection and focus on high-value tasks
- Manually adjust risk factors in any segment by using the graphical interface or by manually setting the values.
Enrich models with interactions, geography and external data
- Automatically create variable interactions to capture key effects
- Integrate geographic, vehicle, and external data directly in your workflow
- Find the sweet spot between signal and noise when it comes to geographic coefficients by considering the distance between locations.
Export and automate your insurance rating documentation
- Easily export rating tables in formats such as CSV, JSON, PMML, POJO for seamless integration into your rating plan
- Automate documentation export for audit and compliance purposes
Automate state documentation filings
Leverage an exclusive rate filing feature to avoid the pain of compiling documentation Ensure that your rate plans comply with specific US regulations for each of the 50 states.
They implemented Akur8's actuarial modeling software:
“Akur8 is a best-in-class pricing solution. The results we observed during the pilot phase are speaking for themselves, with dramatic reduction in modeling time and more predictive power of the models. This will both accelerate our time-to-market and improve our pricing accuracy, bringing substantial value to our partners and the end-customer, in a time that requires ever more reactivity and transparency.”
“Akur8 offers a game changing approach to ratemaking compared to manual solutions, that we were eager to adopt. The benefits in terms of speed and performance are major, while the process is robust and safe. The collaborative and intuitive interface, the smart features as well as the reactive and proficient support were also greatly appreciated by our pricing teams.”
“The partnership with Akur8 illustrates Axa Direct Japan’s commitment to delivering the highest quality and best experience possible to our customers, by partnering with the best-in-class player in their field, for a process as core as pricing decisions. It is also a strong embodiment of the pursuit of our exciting digital transformation journey.”
Frequently Asked Questions about Akur8’s insurance risk modeling software:
What is Akur8 Risk?
Akur8 Risk is a module of Akur8’s fully integrated pricing solution that empowers insurers to take their pricing capabilities to the next level. Akur8 Risk helps insurers streamline insurance risk modeling, from model generation and variable selection to pure premium calculation and documentation. Built for actuarial teams, it combines speed, transparency, and control to support more accurate and explainable insurance pricing models.
What are the benefits of using Akur8's actuarial modeling software?
Akur8 Risk allows you to leverage the power of Transparent AI to speed up and improve your risk modeling process while meeting compliance requirements.
With Akur8’s Risk module you can:
- Empower actuarial teams with Transparent AI that reduces manual, non-value-added tasks.
- Build more accurate and robust insurance pricing models while keeping them fully explainable.
- Increase insurance risk modeling speed and improve time to market thanks to an automated, integrated process.
- Automate documentation to strengthen governance and auditability.
Can Akur8 Risk enrich insurance risk models with interactions and external data?
Yes. Akur8 Risk helps insurers enrich insurance risk models by automatically creating variable interactions and integrating geographic, vehicle, and external data directly into the process. This helps actuarial teams strengthen their insurance pricing model and improve model relevance with greater efficiency and control.
What export formats are available in Akur8 Risk?
Akur8 Risk allows teams to export rating tables in formats such as CSV, JSON, PMML, and POJO. This supports seamless integration into rating plans and makes it easier to operationalize model outputs.
How does Akur8 support geographic risk modeling in insurance?
Akur8 allows insurers to incorporate geographic information directly into the modeling workflow. It helps teams find the right balance between signal and noise in geographic coefficients by considering the distance between locations, which improves the robustness and interpretability of insurance risk models.
How does Akur8’s Risk strengthen governance and audit?
Akur8’s modeling is fully transparent, enabling the identification of judgment at each step and automating documentation exports for audit and compliance purposes.
How does Akur8’s Rate support US-specific documentation filings?
Akur8 addresses specific US documentation filing needs by providing an exclusive rate filing feature that automates documentation for each of the 50 states.
