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December 3, 2020

Insurtech Akur8 join forces with Canopius to enhance insurance pricing process

By Verdict Staff

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.

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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.

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.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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