How Hagerty speeds up pricing and strengthens its competitive advantage with Akur8

Akur8’s Pricing Platform is helping Hagerty to keep up with their rapid growth and scale their operations easily. Now, their teams are able to work faster and more efficiently thanks to the platform’s penalized regression capabilities. This sophisticated approach automatically handles more complexity and variable selection, eliminating the manual processes that previously consumed significant time.

The penalized regression methodology is particularly powerful when dealing with low-credibility segments, which is a common challenge for specialty insurers like Hagerty. Now the platform's algorithms help to produce stable, credible predictions even in sparse data environments.

Territory rating, once a time-consuming and technically demanding task, is now seamlessly integrated into the workflow. With built-in geographic rating capabilities, actuaries no longer need to export data, build custom scripts, or manually configure geographic rating structures. Instead, models are generated directly within the platform with minimal setup, automatically incorporating territorial variables alongside other rating factors. This integration not only saves time but ensures consistency across the entire pricing model, allowing teams to iterate quickly and respond to market changes with agility that wasn't possible in the past.

With Akur8, models, decisions, and workflows are unified in a single platform, creating transparency and continuity across projects. Teams can quickly understand past work and keep projects moving toward. Everything is accessible in one place, from the models built for each product to their setup, workflow history, and connections to related models.

Akur8’s support extends well beyond implementation. Real-time expert guidance via chat ensures teams get answers quickly, while guided documentation makes it easy to work independently.

For Hagerty, what distinguished Akur8 out was not just the platform itself, but the partnership behind it and the ongoing support that helped their team achieve its strategic goals.