The Paris-headquartered insurtech firm, which uses AI to identify and work around pain points in insurance pricing, enabling insurers to build new pricing models at a significantly improved rate, has secured the funds from BlackFin Capital Partners and MTech Capital. This is in addition to the investment and incubation it received from Kamet Ventures in 2018, bringing its total funding to €10 million. It plans to funnel a proportion of the new funds towards expansion into key markets.
Akur8 claims that its platform enables insurers to construct risk models at a rate 10 times faster than traditional processes allow, so that the time to market is a matter of hours instead of weeks. A number of insurers are already using its platform, and the firm was included on Oxbow Partners’ InsurTech Impact 25 list for the upcoming year.
“Akur8 has developed a highly differentiated AI-based solution for risk modelling and pricing, with tremendous value potential for the insurers who embrace it,” commented Julien Creuzé, Managing Director of BlackFin Capital Partners. “It is a must-have product for insurers looking to stay relevant in an increasingly competitive and complex environment. We firmly believe in the team and are proud to be their partners in this round.”