MGS Seguros has partnered with insurtech company Akur8 to implement its pricing solution for property and casualty (P&C) insurance in Spain.
This move is expected to empower the actuarial and pricing teams at MGS Seguros by enabling them to develop ‘explainable’ pricing models for auto and home insurance products.
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Akur8’s solution leverages machine learning to automate risk modelling, aiming to enhance decision-making for pricing teams.
It is tailored to assist insurers in honing their pricing strategies.
The technology vendor highlighted that the automation of risk modelling through machine learning enables more informed pricing decisions.
With the solution, insurers stand to gain from improved predictive performance and faster accuracy, which translates to heightened market responsiveness and immediate business impact, the vendor further noted.
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By GlobalDataAkur8 CEO Samuel Falmagne said: “We are proud to further strengthen our presence in Spain, as this demonstrates both our ability to meet insurers’ needs and the fact that our solution is establishing itself in the market as a benchmark of excellence in the pricing process.”
MGS Seguros head of pricing Daniel Vila said: “During the pilot phase, we were impressed by the efficiency of the Akur8 platform and its ability to meet our needs. We were able to import a large amount of data, create models for each coverage of our auto products, in an iterative and very agile way, and select the best model in a short period of time.
“We saved a considerable amount of time throughout the process, achieving a very efficient execution.”
Last month, another Spanish insurer, Mapfre, also chose Akur8 to advance its pricing capabilities.
These partnerships are reinforcing Akur8’s footprint in Spain.
Meanwhile, in September 2023, Akur8 secured $25m (€23.08m) in funding, with contributions from FinTLV, Guidewire Software and BlackFin Capital Partners.
