Drive better strategies in tariffed insurance markets

Name: Akur8
Brand: Akur8
Rating: 4.9 (16 reviews)

Modeling techniques have made steady progress in recent years, supported by improvements in algorithms and computing power. While these methods were first adopted in more flexible insurance markets, they are now beginning to influence tariffed markets as well. However, using these more sophisticated methods in regulated markets may present challenges. In this context, achieving pricing sophistication might be quite challenging due to regulatory constraints.

Typical challenges

Uncertainty

Regulatory constraints limit what you can do in pricing.

Inefficiency

If you want to change rates, the process is very time-consuming if you apply manual changes.

Profitability

If you can’t or don’t change rates, it is not clear what other steps you can take to improve your loss ratio.

How Akur8 can help insurers in tariffed markets address these challenges

Build technical models to estimate the future loss cost

Akur8 models help you identify which segments are driving poor performance and potentially determine which of those justify engaging with the regulator for potential pricing or underwriting changes.

Streamline your rate change process

In highly manual environments, rate changes can be lengthy. Our guided workflows and templates automate key steps - like variable selection, scenario simulation, and impact analysis - enabling you to make faster, easier adjustments.

Get AI-driven insights to improve profit

If prices cannot change or you are not willing to change prices, you can still improve performance by acting on insights. Akur8 helps you identify the most profitable customer segments and locations, so you can guide your sales and marketing efforts - whether it's opening new offices, launching targeted campaigns, or applying discounts.

"We foster innovation through various initiatives, and value integrity and fairness: Akur8’s transparent solution is perfectly aligned with these core principles. Akur8 will provide us great potentialities to be able to become the company and the group which sustainably have capabilities to develop various products and services for realization of a safe and secure society."

Fujioka Takeshi, Section Manager of International IT Planning Section at MSI’s IT Planning department

300+ insurers worldwide boost their pricing and reserving with Akur8