Heritage Insurance, a leading property and casualty insurance holding company based in Tampa, Florida, has teamed up with Akur8, known for its next-generation insurance pricing solutions powered by transparent machine learning.
This strategic partnership aims to refine Heritage’s pricing analytics and facilitate the rapid development of transparent, production-grade predictive models, enhancing both personal and commercial insurance offerings in the U.S. market.
The primary goal of this collaboration is to leverage Akur8’s cutting-edge risk modeling solution to modernize and speed up the pricing processes at Heritage Insurance. This initiative marks a significant step in expanding Akur8’s footprint within the U.S. personal and commercial insurance sectors.
Akur8 specializes in boosting the pricing capabilities of insurers through its proprietary machine learning technology. This technology significantly speeds up the model-building process, provides transparent Generalized Linear Model (GLM) outputs, and supports data-driven underwriting decisions.
Akur8’s pricing platform automates both technical and commercial premium modeling. This allows insurers to align their pricing strategies closely with their business objectives while ensuring compliance with regulatory requirements. The platform’s efficiency can reduce modeling time by tenfold, increase models’ predictive power by 10%, and enhance the loss ratio improvement potential by 2-4%.
Samuel Falmagne, CEO at Akur8, expressed his enthusiasm about the partnership, stating, “We are excited to work with Heritage, a strong company with a seasoned senior management team. Akur8’s software will empower their pricing team to move faster and modernize their pricing processes. This partnership demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers across all lines of business.”
John Wiechecki, chief reserving actuary at Heritage, commented, “Akur8’s solution has been incredible in enabling our pricing team to work better and faster. For a new modeler, the platform is very user-friendly and is easy to get comfortable with, which has allowed us to seamlessly integrate the solution and quickly improve our pricing sophistication and predictive performance. Akur8’s software supports Heritage’s mission to best serve our policyholders by delivering exceptional homeowner’s insurance products at the most affordable prices.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
