Akur8 and Georgia Farm Bureau Mutual Insurance Company have embarked on a strategic partnership, marking a significant leap forward in the insurance pricing sector.
Akur8, renowned for its next-generation insurance pricing solution that leverages transparent machine learning, has joined forces with Georgia Farm Bureau Mutual Insurance Company, a versatile insurance provider offering a comprehensive range of coverage options across Georgia, including farm insurance. This collaboration is set to redefine how insurance pricing models are built, emphasizing efficiency, performance, and transparency.
The foundation of this partnership lies in a shared vision to enhance the insurance pricing process. Georgia Farm Bureau Mutual Insurance Company has chosen Akur8’s Core Platform solution with the goal of developing high-performing, explainable pricing models. Akur8’s technology, designed specifically for insurers, promises to improve pricing accuracy and speed through its proprietary machine-learning algorithms, offering benefits such as faster model development, clear Generalized Linear Model (GLM) outputs, and data-driven underwriting strategies.
This partnership is not just a business agreement but a mutual commitment to driving forward the capabilities of insurance pricing. Akur8’s CEO, Samuel Falmagne, expressed excitement about collaborating with Georgia Farm Bureau Mutual Insurance Company, highlighting the partnership’s role in empowering pricing teams to adopt a more data-driven, predictive modeling approach.
He said, “We are thrilled to team up with Georgia Farm Bureau Mutual Insurance Company and empower their pricing team to streamline predictive modeling with a more data-driven approach, while also sharing actionable insights with key stakeholders. This partnership exemplifies the importance and attractiveness of Akur8’s solution for regional insurance providers within the mutual insurance market in the US.”
From the perspective of Georgia Farm Bureau, the adoption of Akur8’s Core Platform is a game-changer. Steven Reslie, Actuary and Manager of Rate Development, added, “Our alliance with Georgia Farm Bureau Mutual Insurance Company demonstrates that Akur8 is a strong, reliable solution that upholds high standards for all types of insurance companies across all lines of business. We are excited to build upon this partnership as we continue to expand within the US.”
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