P&C mutual insurance company IMT Insurance has deployed the Risk and Rate modelling solution of Akur8, a next generation insurance pricing solution.
This implementation will allow IMT to bolster its pricing sophistication and predictive performance, as well as establish a robust pricing framework.
Akur8 said this agreement will help it continue to grow within the personal and commercial insurance marketplace in the US.
Commenting on the partnership, Akur8 CEO Samuel Falmagne said, “We are delighted to support IMT Insurance, a strong mutual insurance leader proactively planning for the future and empower them with our state-of-the-art risk and rate modelling platform.
“This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for regional insurance providers within the mutual insurance market.”
Akur8’s solution enhances pricing processes by leveraging machine learning technology. The core benefits of its P&C insurance marketplace include accelerated model building, transparent GLM outputs and data-driven underwriting.
IMT Insurance offers a strong line of personal and commercial insurance products, which are offered through independent agency locations across Iowa, Illinois, Minnesota, Nebraska, South Dakota and Wisconsin.
IMT Insurance VP research and development Brian Neitzel added, “At IMT Insurance, we understand the importance of investing in actuarial modernization to capitalize on strategic business insights and decision making. Our partnership with Akur8 will empower our insurance pricing team to make better rating decisions and increase internal buy-in and collaboration.”
Akur8 recently partnered with Helvetia Italy. By leveraging the technology, Helvetia will be able to refine its product pricing and accelerate its time-to-market with fast modelling.
Another recent development from Akur8 was a similar deal with SANTALUCÍA, a household protection insurance provider. The deal helps SANTALUCÍA’s pricing team make better and more agile decisions by automating risk modelling.
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