This article was originally published on Fintech Global
Bucyrus, OH (January 9th, 2024) -- Akur8, known for its next-generation insurance pricing solution powered by transparent machine learning, has recently announced a strategic partnership with Ohio Mutual Insurance Group.
This partnership is aimed at enabling Ohio Mutual to enhance its pricing capabilities. By adopting Akur8’s Risk and Rate modeling solution, Ohio Mutual seeks to streamline predictive modeling, improve its rate review process, and adopt a more data-driven approach for actionable insights, thereby expanding its presence in the U.S. personal and commercial insurance market.
Akur8 is revolutionizing insurance pricing with its proprietary machine-learning technology. The firm specializes in enhancing pricing processes for the property and casualty (P&C) insurance market, offering benefits like accelerated model building, transparent Generalized Linear Model (GLM) outputs, and data-driven underwriting.
This strategic partnership marks a significant milestone for both companies. For Akur8, it represents an expansion in the U.S. insurance market, showcasing the adaptability and desirability of its solutions
Ohio Mutual’s VP & Chief Analytics Officer, Susan Kent, expressed enthusiasm about the partnership: “We anticipate that Akur8 will significantly enhance our rate review process, helping to shift it to a more holistic, data-driven approach. The user friendly and intuitive interface also is expected to facilitate quick learning among our users.”
Samuel Falmagne, CEO at Akur8, highlighted the importance of this collaboration: “Akur8 is thrilled to partner with Ohio Mutual and to empower their pricing team with our cutting-edge Risk and Rate modeling solution. Joining forces with a well-established mutual insurance company in the world’s largest insurance market is another key milestone in our development trajectory. This collaboration underscores the desirability of Akur8’s solution for a wide variety of stakeholders in the insurance market.”