Munich Re has entered into a global cooperation agreement with AI-driven insurtech Akur8 to enhance the pricing capabilities for its Global Consulting Unit (GCU).
The alliance enables the reinsurer to leverage Akur8’s modeling solution, which automates risk and demand modeling with AI technology to improve pricing processes.
The insurtech claims that the solution lowers modeling time, expediting time to market, boosts predictive power. It is also said to provide transparency over the models created.
Munich Re teams will leverage Akur8 to develop comprehensive insurance pricing proposals.
The agreement is said to benefit all Munich Re entities and clients.
Munich Re global head of Global Consulting Joachim Mathe said: “Akur8 is an impressive solution for risk and demand modelling, that represents a real leap forward in terms of pricing sophistication in the insurance industry.
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“We are convinced that Akur8’s solution will enable us to bring added value to our customers across our various consulting projects, notably by allowing our large consulting practice to work collaboratively in dedicated client workspaces, improving predictiveness of the models to eventually bring significant loss ratio improvement.”
The GCU eyes “transformative change in insurance pricing” with data science and digitalisation, which is bundled with risk transfer.
Akur8 chief of sales Brune de Linares said: “Our strategic cooperation with Munich Re represents a significant strategic step in our development, spanning a global footprint.
“Our combined expertise and strengths will allow both of our companies to bring significant value added.”
In January this year, Akur8 inked a new partnership to help improve AXA Direct Japan’s pricing process.
At the end of 2020, Akur8 partnered with British specialty (re)insurer Canopius to enhance the pricing process of the latter’s digital offerings.