Provides a cloud-based actuarial pricing and reserving platform that uses Transparent AI and machine learning to automate data preparation, risk assessment, rate planning, and optimization. This system reduces modeling time by up to 90%, improves pricing accuracy, and replaces outdated spreadsheet-based processes, enabling insurers to enhance combined ratios and streamline operations.
Funding
$195.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
OPFounders
Product
Problem
Insurers often rely on outdated, spreadsheet-based processes for actuarial pricing and reserving, which are time-consuming and prone to errors. Traditional methods lack the speed and accuracy needed to navigate dynamic markets and optimize combined ratios.
Solution
Akur8 provides a cloud-based platform that leverages transparent AI and machine learning to automate and enhance insurance pricing and reserving processes. The platform streamlines data preparation, risk assessment, rate planning, and optimization, significantly reducing modeling time. By improving pricing accuracy and replacing outdated methods with advanced stochastic modeling, Akur8 enables insurers to enhance combined ratios, improve decision-making, and achieve greater efficiency. The platform offers distinct modules for pricing and reserving, catering to the specific needs of actuarial teams.
Target Audience
The primary target audience includes P&C personal and commercial lines insurers, MGAs, insurtech companies, and health insurers seeking to modernize their pricing and reserving processes.
Features
- Cloud-based platform accessible from anywhere
- Transparent AI and machine learning algorithms for accurate predictions
- Integrated modules for data preparation, risk assessment, demand modeling, rate plan construction, and optimization
- Stochastic modeling and deterministic solutions for reserve analysis
- User-friendly interface designed for actuaries and pricing experts
- Collaborative features to enhance internal communication
- API for seamless integration with existing systems