CompSource Mutual, the leading provider of workers’ compensation insurance in Oklahoma, has partnered with Akur8 to revolutionize their pricing models through the implementation of Akur8’s Core Platform solution.
This collaboration marks a significant advancement in insurance technology, combining CompSource Mutual’s extensive industry experience with Akur8’s cutting-edge, transparent machine learning technology to streamline pricing processes and enhance financial forecasting.
For more than eight decades, CompSource Mutual has been a cornerstone of support for Oklahoma businesses, offering dependable workers’ compensation insurance. The introduction of Akur8’s innovative solutions signifies a pivotal development in their operational capabilities, aiming to refine in-house model development and provide explainable rating and underwriting insights.
Akur8’s CEO, Samuel Falmagne, expressed excitement about the partnership, stating, “We are thrilled to be working with CompSource Mutual, a company that proudly stands by its community to ensure workers get the insurance they need. Our innovative pricing solutions will help CompSource Mutual to accurately and effectively price their insurance policies, while also supporting CompSource Mutual’s commitment to their customers.”
Brune de Linares, Chief Client Officer at Akur8, also commented on the integration, highlighting the benefits of Akur8’s technology, “By adopting our solution, CompSource Mutual will benefit from the efficiency of Akur8’s machine-learning technology, while continuing to deliver exceptional value to its policyholders. We are thrilled to support CompSource Mutual in the workers’ compensation space, and look forward to deepening our presence in this market.”
Further emphasizing the transformative impact of this technology, Henry Gituma, Assistant Vice President for Risk and Actuarial Services at CompSource Mutual, detailed the competitive edge the platform offers: “Akur8’s intuitive platform will enhance our pricing competitiveness by uncovering trends we couldn’t previously analyze. This powerful capability will help us identify the limitations of our current models and guide us in making more informed decisions on policy selection.”
This partnership not only enhances CompSource Mutual’s ability to serve its clients more effectively but also underscores the growing importance of machine learning in refining business operations across the insurance industry.
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