Akur8, a leading provider of next-generation insurance pricing solutions powered by transparent machine learning, is joining forces with Bradesco Seguros, a company under the Bradesco Seguros Group umbrella, specialising in auto and property insurance.
This collaboration marks Akur8’s debut in Brazil, as the company broadens its footprint in the Latin American bancassurance market.
The partnership has been forged to accelerate Bradesco Seguros’ risk model development and rate modelling. Akur8’s modular pricing platform, specifically designed for insurers, will enhance the pricing process at Bradesco Seguros. Using its proprietary machine learning technology, Akur8 offers insurers benefits like accelerated model building, transparent GLM outputs, and data-driven pricing decisions.
Akur8’s platform is revolutionising insurance pricing with transparent machine learning. It automates both technical and commercial premium modelling, reducing modelling time by tenfold and improving models’ predictive power by 10%. The platform’s potential to boost loss ratio improvement is estimated at 2-4%. Akur8 already serves over 80 customers across more than 40 countries, including prominent names such as AXA, Generali, and Munich Re.
Saint’Clair Lima, director at Bradesco Auto/RE, said, “At Bradesco, we are always looking for new ways to provide our customers with the best products and services. We believe that the collaboration with Akur8 is another step towards providing fair insurance based on each person’s need and situation.”
Samuel Falmagne, CEO of Akur8, stated, “We are absolutely thrilled to support Bradesco Seguros, the third largest non-life insurance company in Brazil, and to empower their modellers with our state-of-the-art risk and rate modelling platform. This partnership also rewards our bet in Brazil, showing the relevance and attractiveness of Akur8’s solution for local insurers.”
For Fabio Dragone, director of innovation and digital at Bradesco Seguros, this partnership underlines the group’s investment in technology and its strategy of capitalising on innovative initiatives throughout the company.
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