The solutions, which employ artificial intelligence (AI) technology, will be used to automate the rate making process, and improve predictive performance and speed-to-accuracy for higher market reactivity. The software will be provided on a software as a service (SaaS) basis.
“Akur8’s platform offers a best-in-class pricing ecosystem for data analytics, risk and demand modelling, rate making and impact assessment. Akur8’s pricing suite is fully integrated and easy to use. It allows us to speed up our modelling process, turning weeks of modelling into a few hours and shifting team effort from production to analytics and decision making,” said Marie Carter, Head of Pricing at AllClear.
Akur8 has formed a strategic partnership with Sapiens
Akur8 also formed a strategic partnership with the Sapiens International Corporation, a global provider of software solutions for the insurance industry, earlier this month.
Through the partnership, Sapiens will offer Akur8’s pricing solutions to its clients as part of its Property and Casualty (P&C) Insurance Solutions ecosystem. In return, the deal will give Akur8 access to Sapiens’ client list.
“Offering Akur8’s state-of-the-art AI-based pricing solution together with Sapiens’ P&C Insurance Solutions will bring substantial added value to our P&C clients looking for an end-to-end rate-making solution to accelerate their digital transformation,” said Amanda Ingram, Propositions, Alliances and Ecosystem Manager of Sapiens. “We continue to expand our partnerships around the world to provide new business capabilities to accelerate digital transformation in P&C.
Shift Technology, another AI-driven automation developer, also formed a strategic partnership with Sapiens in August 2022.