Akur8, the provider of AI-based insurance pricing solution, has joined forces with MS&AD Insurance Group to expand in Asia and beyond.
The collaboration took off with Mitsui Sumitomo Insurance (MSI), a MS&AD Insurance Group unit.
Tokyo-based MS&AD Insurance Group, whose group companies also include Aioi Nissay Dowa Insurance, has a presence in 50 countries.
By non-life insurance premiums, it is said to be the largest insurer in the ASEAN region.
MS&AD Insurance Group Holdings Digital Innovation department manager of Innovation Section SUZUKI Tomohiro said: “We highly appreciate Akur8’s great capability: quick and high degree of control over the models, and the no-code and friendly user interface.
“We also aim to expand the potential business partnership with Akur8 to the other Japanese Domestic Insurance business like Aioi Nissay Dowa Insurance Co., Ltd. as well as the overseas network covering to strengthen the group synergies.”
Akur8, which is headquartered in Paris, claims that its technology automates modelling for insurers while maintaining control on the models.
“Speed-to-accuracy for higher market reactivity” as well as better predictive performance are highlighted as some of the other benefits of the insurtech’s solution.
Commenting on the latest alliance, Akur8 CEO Samuel Falmagne said: “This is definitely a key milestone for Akur8’s growth in Asia-Pacific as well as an important step for our global development.”
Last year in September, Poland-based insurance firm PZU partnered with Akur8 to improve pricing capabilities of two of its Baltic entities.
Earlier in 2021, wefox Insurance collaborated with the insurtech to enhance its pricing process.
Last year, Munich Re and AXA Direct Japan too tapped Akur8.