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Akur8's mission is to revolutionise insurance pricing with transparent AI.
Putting the correct pricing on insurance has always been a challenge for insurance companies. On the one hand, getting the right price is essential for ensuring an insurance company's viability, as pricing too low could decimate its profits in the event of a mis-priced payout. On the other hand, pricing too high is a surefire way to drive off customers - one study by Accenture found that price was the number one driver of customer loyalty. However, despite its importance, insurance pricing has traditionally been a human task, and therefore prone to errors and biases.
Akur8 wants to change this. Its product is an AI-based insurance pricing solution that automates modelling for insurance companies, while keeping full transparency and control on the models created, as required by regulators worldwide. The only solution on the market reconciling machine learning and actuarial worlds, Akur8’s platform enhances insurers’ pricing processes, reducing modelling time whilst increasing predictive power.
Pricing in the insurance industry is changing fast, with developments coming frequently from both regulators and consumers. Keeping on top of such developments will be paramount to Akur8's success. Judging by its early metrics, though, it looks like this should be no problem. In just a few years it has acquired big customers, including the likes of AXA and Generali, and its footprint spans over forty countries in multiple continents. Following major funding, Akur8 looks well placed to continue its early success, and with a strategy focused on international expansion, it should be set for big things in future.
Freddie
Company Specialist at Welcome to the Jungle
Samuel Falmagne
(CEO)Worked at IBM for over 17 years, holding a range of executive roles, and also served as Head of Sales for Shift Technology.
Guillaume Beraud-Sudreau
(Head of Product & Data-Science)Has a background in engineering, and has worked as Lead Data Scientist and Head of R&D at AXA.
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Sales & Account Management