Akur8, a next-generation pricing and reserving platform, has been selected by South African insurance underwriter Alpha Insure to help elevate its pricing process.
The move will see the firm integrate Akur8’s RISK, RATE, and DEMAND modules into its pricing operations to optimise its underwriting and pricing strategies, according to FF News.
Through the use of Akur8’s proprietary machine learning technology, the collaboration is set to improve predictive accuracy, speed up risk modelling, and increase market reactivity while maintaining full transparency and control over pricing models.
James Reid, actuarial executive at Alpha Insure, heaped praise on Akur8s transformative technology, “We had an excellent experience during our trial period with Akur8. The platform streamlined every modelling step required, offering an intuitive, user-friendly interface that empowers us to interpret models effectively and make adjustments with ease. We achieved exceptional results in risk model performance, gaining clear visibility into variables and their corresponding coefficients.
“The platform’s statistical analysis capabilities enabled us to model effectively, even on thin data sets, with transparent indicators of model reliability. Akur8 also streamlined post-modelling analysis, making it easy to build and compare rating models against current pricing strategies, and precisely identify affected populations.
“The overall process, from data upload to variable selection and statistical examination, proved to be quick and highly efficient, underscoring the platform’s usability and robust functionality,” continued Reid.
Akur8 specialises in automated risk modelling for insurers, leveraging transparent machine learning technology to enable pricing teams to make faster, more informed decisions.
Its core benefits include improved predictive performance and a streamlined pricing workflow, helping insurers react quickly to market changes and make data-driven adjustments.
Established in 2004, Alpha Insure began as a short-term insurance administrator for brokers and has grown into a significant player in South Africa’s insurance sector.
With an annual Gross Written Premium (GWP) approaching 2bn Rand, the company provides a broad portfolio of personal and commercial insurance products, reinforcing its commitment to innovation and customer-centric risk management.
By adopting Akur8’s cloud-based pricing platform for its Property & Casualty insurance business, Alpha Insure aims to modernise its pricing strategy and support long-term growth.
“We are excited to begin this new journey with Alpha Insure in South Africa. Two years after we entered the market, this fourth collaboration with a South African insurer solidifies our position as the leading provider of pricing software for the insurance industry in the region,” added Samuel Falmagne, CEO at Akur8.
Copyright © 2025 InsurTech Analyst
