Promutuel Assurance, one of Quebec’s most significant property and casualty mutual insurance carriers, has selected Akur8 for its innovative insurance pricing solution.
Powered by transparent machine learning, Akur8’s technology enhances the insurance pricing process, offering a new age solution to insurers globally.
Promutuel Assurance, driven by its commitment to safeguarding the interests of Quebecers, found a perfect partner in Akur8. The mutual insurance company’s aim to provide the best insurance products to its clients required collaboration with top-tier service providers. The partnership with Akur8’s pricing platform is crucial for Promutuel Assurance, ensuring accurate and transparent pricing to its policyholders.
Akur8’s proprietary platform focuses on automating technical and commercial premium modelling. This technology optimises the pricing process, reducing the time spent on model building by 10x. It also enhances the model’s predictive power by 10%, improving the potential loss ratio by 2-4%. This Paris-based InsurTech serves more than 80 customers across 40+ countries, including insurance giants like AXA, Generali, Munich Re, and Tokio Marine North America Services (TMNAS).
Promutuel Assurance has selected Akur8’s RISK and RATE modules to increase its pricing sophistication and decrease the time spent on the pricing process. Akur8’s machine-learning technology enhances the insurance pricing process, allowing for transparent Generalized Linear Model (GLM) outputs and data-driven pricing decisions.
This partnership signifies Akur8’s entry into the Canadian insurance market, marking its first insurance customer in the country. Samuel Falmagne, CEO of Akur8, expressed his excitement about partnering with Promutuel Assurance and the significance of their solution across various business models within the global insurance industry.
Promutuel Assurance is a renowned player in Québec’s insurance sector, well-regarded for its financial stability, superior quality products, and exceptional customer service. With over 2,100 employees, it serves more than 634,000 insured members and has been guided by mutualist values for 170 years.
Katherine Jacques, Promutuel Assurance VP of actuarial and business intelligence, said, “We are convinced that partnering with Akur8 on such a critical process as pricing is key to providing accurate and transparent pricing to our policyholders, who are also collectively the owners of our mutual association.” Brune de Linares, Chief Client Officer at Akur8, also emphasized their enthusiasm in establishing a long-lasting relationship with Promutuel Assurance.
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