Akur8 Helps Georgia Farm Bureau Cut Project Timeline by 1 Year
Goal
A 5-person team had to overhaul an outdated rating framework to match competitors’ sophistication, all while managing ongoing actuarial duties in pricing, reserving, and predictive modelling.
Module used
Results
Cut project timelines by 1 year. Introduced new predictor variables. Submitted rate recommendations six months ahead of schedule.
What they say about Akur8
“Our team really values the speed of model creation and iteration, transparency and ease of reporting that Akur8’s Core Platform solution provides. Being able to review the indicated vs. predicted and then make a selection is something in the current pricing process that Akur8 helps make a lot more efficient. We also love that if a member of our team ever runs into a roadblock, Akur8’s live support is always there to help us resolve any issues that arise.”
Steven Reslie, Actuary and Manager of Rate Development at Georgia Farm Bureau.
“With Akur8, you can accomplish so much more in a shorter period of time. All the processes required are brought to the table and streamlined. You get more done faster and can make good decisions in less time.”
Steven Reslie, Principal Actuary and Senior Manager of Rate Development, Georgia Farm Bureau
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Or discover other testimonials
“Akur8 is a great pricing tool! We liked the automation of repetitive tasks as well as the quick and easy learning curve of the user interface for all team members.
“On a combined ratio basis we’d be looking at a 6% improvement in our performance based off the work we did with Akur8. That’s a huge improvement for us, and is basically the difference between the class of business being loss making and performing well.”
“We’ve been able to pull out a good territory model straight out of the system without taking very much time to put into it. It’s been a huge improvement for the company.”
