Insurance company AXA Luxembourg and AI-powered insurance pricing software developer Akur8 have teamed up to boost AXA’s pricing capabilities.
Specifically developed for insurers, Akur8’s solution enhances AXA’s pricing processes by automating risk modelling, using transparent artificial intelligence proprietary technology.
Core benefits for insurers, Akur8 said, include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control on the models created.
With the Akur8 platform, AXA Luxembourg will empower their pricing team to achieve improved performances and faster modelling-speed on the data-driven part of the rate-making process, enabling them to mobilise more of their actuarial expertise at the service of business impact.
AXA Luxembourg is Akur8’s first customer in Luxembourg and third in the Benelux region. It is also the 12th AXA entity choosing to deploy Akur8 to empower pricing teams.
Akur8 has had a busy 2021, the InsurTech teamed up with wefox Insurance to bolster its presence, partnered with VIG Poland entities, Beesafe and Compensa, and closed a $30m Series B funding round.
Akur8 also released a white paper, “AI for Good vs. AI made evil: why ethical AI should be a top priority for insurers.” In the document, the InsurTech explored how transparent AI can drive adoption in insurance by making firms more confident in the results.
Samuel Falmagne, CEO at Akur8, said, “We are fully aligned with AXA Luxembourg’s focus on transparency and innovation. We are really proud to work with their pricing team and continue to support AXA entities in their pricing sophistication journey. Our Transparent AI will allow AXA Luxembourg to boost their pricing capabilities and focus even more on customer centricity without compromising on control over the models
Brune de Linares, chief of sales at Akur8, added, “Not only is it expanding our reach in Europe, but it is also reinforcing our collaboration with AXA across geographies and lines of business. We are deeply grateful for the renewed trust of such a prominent global insurer.”
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