Mapfre, a Spanish insurance company, has formed a partnership with insurtech company Akur8 to improve its pricing capabilities.

The collaboration is expected to empower MAPFRE’s actuarial team with the ability to create more transparent pricing models, leveraging Akur8’s innovative RISK and RATE modules.

Akur8’s technology is specifically designed to aid insurers in refining their pricing strategies.

According to the technology provider, by automating risk modelling with machine learning technology, it enables pricing teams to make more informed decisions.

The primary advantages for insurance companies include enhanced predictive performance, improved speed-to-accuracy and increased market responsiveness, while ensuring control over the developed models.

The alliance with MAPFRE bolsters Akur8’s presence in the Spanish market.

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Mapfre Spain motor pricing director Jean-Louis Hernández said: “We are thrilled to embark on this exciting partnership with Akur8. It promises to significantly enhance our model development efficiency, enabling us to focus on in-depth analysis and understanding results.

“With the capacity to run models in the cloud, swiftly export documentation, and conduct Dislocation and Impact Analysis, we are poised to elevate our rate-making process.”

In September 2023, Akur8 raised $25m (€23m) in funding.

The funding round saw the participation of new investor FinTLV and contributions from Guidewire Software and returning investor BlackFin Capital Partners.

Akur8 has a client base of more 100, including industry giants such as AXA, Generali, Tokio Marine North America Services, Munich Re and MS&AD.

Additionally, in November 2023, Akur8 teamed up with hyperexponential, a company specialising in pricing decision intelligence.

The collaboration with hyperexponential aims to further accelerate data-driven specialty and commercial pricing for insurers.