Akur8 has partnered with pricing decision intelligence company hyperexponential to help accelerate data-driven speciality and commercial pricing for insurers.
Under the partnership, the companies will integrate their complementary pricing decision intelligence capabilities.
The integration will provide an automated, data-driven system for insurers to help in accurately pricing commercial and speciality insurance products.
The collaboration will allow insurers to incorporate Akur8’s calibrated rating factors into pricing models within hyperexponential’s pricing decision intelligence platform hx Renew.
These factors can be altered using extra data and insights from underwriters. The pricing decision information sourced from hx Renew is merged with claims data, then relayed back to Akur8 for ongoing re-calibration of the rating factors.
In a press statement, Akur8 said: “With a strong data pipeline from hx Renew and other core systems into Akur8, a tight feedback loop can be created between claims paid, exposures underwritten, and the accuracy of the rating factors.”
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Akur8’s solution, which makes use of transparent artificial intelligence technology, is designed to help insurers automate rate-making and improve pricing processes.
The hx Renew PDI platform is designed to allow insurers to construct, implement, and enhance advanced pricing tools.
Akur8 CEO Samuel Falmagne said: “This partnership will allow us to better address the needs of a specific market with a common goal: empowering speciality and commercial insurers to make truly data-driven decisions.”
Hyperexponential chief revenue officer Richard Gunn said: “Many of the insurers we work with have two key challenges. First – they are leaving money on the table by relying on outdated pricing practices, and second – managing the integration burden of a significant transformation initiative.
“Through our partnership with Akur8, we are targeting a material improvement to our customer’s combined ratios, whilst reducing the burden on IT and the business.”