AI-enabled insurance pricing insurtech Akur8 has joined forces with British specialty (re)insurer Canopius to enhance the pricing process of the latter’s digital offerings.
The partnership, which is a first for Akur8 in the UK, is said to mark a key milestone for its expansion.
Leveraging automating risk-modelling and a transparent Artificial Intelligence proprietary technology, Akur8’s solution improves insurers’ pricing processes.
This solution helps insurers to minimise modelling time and thereby, accelerate time to market and the production of more predictive models.
Moreover, Akur8’s cloud-based solution is completely collaborative.
It can function on a fully remote basis, allowing business continuity, especially in these intricate times, noted the company.
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Additionally, the solution is claimed to help insurers to offer added value to their customers, by offering them ‘more accurate and targeted prices’.
Akur8 CEO Samuel Falmagne said: “We are extremely happy to announce this partnership with Canopius. It will act as a differentiator, in markets with high competitive pressure like the US. Being a leading global insurance carrier, Canopius is setting the example as an innovative insurance company striving to ever better cater to their customers’ needs.”
Canopius chief digital officer Marek Shafer added: “Akur8 is a cutting-edge technology that supports the data-led underwriting approach of our digital products.
“We saw compelling results during the pilot phase, with impressive predictive power and rapid modelling time. This partnership will help us better match our clients’ needs and adapt prices to a dynamic marketplace.”
In March this year, Akur8 gained €8m in Series A funding, taking its total funding to €10m overall.