Akur8, the next-generation insurance pricing solution provider, has joined forces with Guidewire to introduce the Akur8 Accelerator for AI-Powered Pricing.
The partnership brings forth the Akur8 Accelerator, which provides insurers with a cloud-native, fully integrated pricing solution from modelling to deployment.
This solution is set to bring unparalleled speed to the market – with new rates and rate changes becoming up to ten times quicker, eliminating traditional IT bottlenecks and reducing errors while enhancing security, internal governance, and compliance.
The Akur8 Accelerator for AI-Powered Pricing is now fully available for both cloud and on-premise users of PolicyCenter, offering a fully integrated pricing solution for the insurance industry, and accessible through the Guidewire Marketplace.
Will Murphy Vice President, Global Technology Alliances, Guidewire, stated, “Akur8’s cloud-based, machine learning (ML) native insurance pricing solution provides a streamlined user experience to actuarial and pricing experts worldwide. The Guidewire Rating Engine powered by Akur8 models gives our customers choices in designing a best-in-class pricing and rating solution, and allows each platform to perform where they excel. This integration redefines the traditional rate deployment process by eradicating the manual labor burden that often hinders pricing efficiency, resulting in increased agility and speed-to-market for insurers.”
Samuel Falmagne, CEO of Akur8, remarked, “We are thrilled that the Akur8 Accelerator is now a cloud-native integration with Guidewire. It is a significant milestone for Akur8. By seamlessly combining Akur8’s cloud-based, cutting-edge AI-powered pricing technology with Guidewire’s leading PolicyCenter platform, we empower insurers to break free from traditional rate deployment constraints, and establish new standards for excellence in the insurance industry.”
Joanna Chardon, Chief Strategy & Product Officer at Akur8, added, “Akur8 Accelerator allows for the seamless export and deployment of Akur8 built models into the Guidewire PolicyCenter rating engine, creating a cloud-native fully integrated insurance pricing solution from data to model creation to production rating. Designed exclusively for P&C (non-life) insurance carriers, InsurTech and MGAs, the Akur8 Accelerator accelerates time-to-market for new rates and products by introducing cutting edge automation, providing increased security, removing the IT bottleneck, and largely eliminating the potential for human error.”
Copyright © 2024 InsurTech Analyst
