Akur8 Helps Georgia Farm Bureau Cut Project Timeline by 1 Year
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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A 5-person team had to overhaul an outdated rating framework to match competitors’ sophistication, all while managing ongoing actuarial duties in pricing, reserving, and predictive modelling.
Results
Cut project timelines by 1 year. Introduced new predictor variables. Submitted rate recommendations six months ahead of schedule.
Feedback
“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
Drive business value by bringing your end-to-end pricing process to the next level
Akur8 is the only technology on the market that automates the generation of production-ready GAM/GLMs. Thanks to its unique proprietary algorithms, it delivers tremendous business value by unlocking untapped combined ratio improvement.
Other use cases
“Akur8’s insurance pricing solution will enable TMNAS to quickly build intuitive and easily explainable predictive models across all products, providing new insights for underwriters. As a shared services company, it is key for us to be able to translate predictive information into useful measures for our clients. Akur8 will help us fill a missing component to complete the framework for transparent, and data-driven decision-making.”
"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."
“Providing efficient, reliable and consistent pricing creates a win-win for the risk taker and agent. Having the ability to improve risk pricing by running complex models and updating those models as new data comes in at any moment is a game changer for us, and a competitive differentiator. It is crucial for the rapidly changing E&S marketplace.”
