Akur8 and PZU deepen ties: Shaping the future of insurance pricing in the Baltics

Akur8 and PZU deepen ties: Shaping the future of insurance pricing in the Baltics

Akur8, a pioneer in insurance pricing solutions using Transparent AI, is delighted to announce the enhancement of its partnership with the Baltic branches of PZU Group, a leading financial powerhouse in Central and Eastern Europe.

This collaboration underscores PZU’s dedication to innovation and customer focus, utilising Akur8’s Demand module to refine their insurance pricing models significantly.

The PZU Group, headquartered in Poland, is Central and Eastern Europe’s most prominent financial institution, boasting consolidated assets of €90bn. Renowned for its deep-rooted history dating back to 1803, PZU serves over 22 million clients across five countries, offering a wide array of products and services to retail customers, SMEs, and larger businesses. Its strong presence is particularly felt in Poland, Lithuania, Latvia, Estonia, and Ukraine, highlighted by an impressive 92% spontaneous brand recognition and 100% aided recognition.

On the other hand, Akur8 is revolutionising non-life insurance pricing with its Transparent AI technology. The company’s cloud-based solution offers insurers a machine learning-native platform that significantly enhances actuarial capabilities, allowing for rapid, impactful pricing decisions and improved risk assessments.

The basis for this expanded partnership is rooted in a shared commitment to leveraging cutting-edge technology for enhanced pricing accuracy and market responsiveness. PZU has been implementing Akur8’s solutions for three years, consistently advancing its pricing strategies to better meet customer needs.

Akur8 CEO Samuel Falmagne commented, “PZU’s Baltics entities first started to leverage Akur8’s solution in 2021 and were part of the early adopters of our platform. We are proud to take the PZU team a step further on the Pricing Sophistication road. We see this extended collaboration as a sign of confidence and satisfaction in our product, further proving its excellence and our ability to meet our clients’ needs.”

PZU Lietuva’s Pricing Actuary, Anu Hoop, also expressed excitement about the enhanced partnership: “We are thrilled to strengthen our partnership with Akur8 and leverage their Demand module to enhance our insurance pricing models. With Akur8’s advanced capabilities, we are looking forward to understanding better our customer demand and price sensitivity, enabling us to offer competitive and personalized insurance products.”

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