Akur8, the revolutionary insurance pricing solution powered by transparent machine learning, has been selected by Spanish insurer MAPFRE to boost its pricing capabilities.
The collaboration aims to empower MAPFRE’s actuarial team by providing them with Akur8’s advanced pricing modules.
The partnership promises significant benefits for MAPFRE, enhancing model development efficiency and allowing the actuarial team to focus on in-depth analysis and understanding results.
With the capacity to run models in the cloud, swiftly export documentation, and conduct Dislocation and Impact Analysis, MAPFRE is set to elevate its rate-making process.
This strategic choice will enable MAPFRE to build powerful, explainable pricing models and establish a robust predictive modelling framework. Akur8, in turn, solidifies its presence in the Spanish market and strengthens its position as the preferred choice for major players in non-life insurance pricing.
Akur8’s solution, specifically developed for insurers, automates risk modelling using proprietary transparent machine learning technology. This empowers pricing teams to make faster, better decisions, increasing predictive performance and speed-to-accuracy for higher market reactivity.
Samuel Falmagne, CEO at Akur8, said, “Once again, Akur8 has proven to be the right solution for a major player in the Spanish insurance market. We are proud to extend a warm welcome to MAPFRE Spain as our valued client, and are excited to enhance their insurance pricing process, specifically for their auto line of business.”
Joanna Chardon, Chief Strategy and Product Officer, added, “Collaborating with MAPFRE holds significant importance for Akur8. The convergence of Data Science and Actuarial Science is steadily drawing nearer, and we take pride in offering MAPFRE’s actuarial team a cutting edge platform that caters to their requirements in addressing business challenges while managing extensive datasets with transparency and ethical standards.”
Jose Maria Castelo, Senior Advisor at Akur8, commented, “From an advisory point of view, I have observed for several years deep and moving trends in the Spanish insurance market. Numerous factors influence the entire pricing value chain, including regulatory developments, inflation, the need for transparency and ethics, and more. From this standpoint, Actuaries in non-life, and in particular in Auto are facing a situation that has never taken place in the past, the combination of: relevant changes in drivers habits, the introduction of ADAS and EVs and specially, double digit increases of premiums driven by hyperinflation. From data cleansing to the definition of the commercial premium, Akur8 is offering a platform that tackles all those business challenges and pricing needs.”
Jean-Louis Hernández, Motor Pricing Director at Mapfre Spain, stated, “We are thrilled to embark on this exciting partnership with Akur8. It promises to significantly enhance our model development efficiency, enabling us to focus on in-depth analysis and understanding results. With the capacity to run models in the cloud, swiftly export documentation, and conduct Dislocation and Impact Analysis, we are poised to elevate our rate-making process.”
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