Akur8, the next-generation insurance pricing solution powered by transparent machine learning (ML), today announced its partnership with Duck Creek Technologies (Nasdaq: DCT), a leading provider of insurance systems software assurance as a service (SaaS). , to provide P&C insurers with a fully integrated SaaS platform that will streamline and strengthen the insurers pricing process from data to production.
Specifically developed for actuaries and predictive modellers, Akur8’s solution improves insurers’ pricing processes by automating technical and business premium modeling using proprietary transparent machine learning technology. Key benefits for insurers include reduced data preparation and modeling time, effectively accelerating time to market and producing more predictive models, while ensuring full transparency and control of the models created .
“Akur8 is a proud partner of Duck Creek Technologies, one of the largest property and casualty insurance technology marketplaces in the world, and we’re excited to have our integration available to joint customers on the Duck Creek. Content exchange. Our price modeling solution is a great fit for the Duck Creek suite technology, especially with Duck Creek Assessment, a best-in-class pricing engine that modernizes insurers’ pricing functions and brings substantial added value to P&C insurers looking for an end-to-end integrated pricing solution that can enable their digital transformations. This partnership is a game-changer for the P&C insurance industry,” said Samuel Falmagne, CEO of Akur8.
“We are excited to team up with Duck Creek to bring our combined performance to many P&C insurers around the world. Carriers will now be able to enhance their pricing capabilities within Duck Creek’s industry-leading platform. Akur8’s Integration Wizard provides users with the ability to extract rating factors and coefficients generated by Akur8’s automated insurance rating platform and import them directly into Duck Creek Rating. This direct export/import process increases security, reduces the risk of errors, and provides a seamless user experience from technical actuarial modeling to production,” said Guillaume Beraud, Founder and Chief Actuary at Akur8.
“Akur8’s proprietary machine learning algorithms automate rate modeling and produce easily explainable, transparent and auditable model output. Together, Akur8’s integrated pricing solution within Duck Creek Policy and Duck Creek Rating provide an end-to-end solution that enables insurers to accelerate time to market by setting and deploying rates faster,” said Andy Yohn, vice president of product development at Duck Creek Technologies.
“Akur8 has built a solid foundation for the future of rate modeling and their focus on transparency and control allows insurers to leverage the power of machine learning applied to rate management, without the problems of dislocation caused by black box algorithms. At the same time, Akur8’s automation capabilities increase speed to accuracy without sacrificing accuracy. By partnering with Duck Creek, Akur8 will help more insurers accelerate their time to market while having confidence in the predictive power of their models and the certainty of their decisions. We are very excited to bring our combined strengths to market,” said Robert Fletcher, Head of Global Solutions Partnerships at Duck Creek Technologies.
About Akur8
Akur8 revolutionizes insurance pricing through transparent machine learning, empowering insurers’ pricing capabilities with unprecedented speed and accuracy throughout the pricing process without compromising auditability or control. Our modular pricing platform automates technical and commercial premium modeling. It allows insurers to calculate adjusted and accurate rates in line with their business strategy while having a significant impact on their business and maintaining absolute control over the models created, as required by national regulators. With Akur8, the time spent modeling is reduced by 10 times, the predictive power of models is increased by 10% and the potential for loss ratio improvement is increased by 2-4%. Akur8 already serves more than 45 customers in more than 20 countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS); specialty insurer Canopius and MGA Bass Underwriters; consulting partners Xceedance and Perr & Knight; and insurtechs Bought by Many and wefox. More than 700 actuaries use Akur8 daily to create their pricing models across all industries. Akur8’s strategic partnerships include Milliman, Duck Creek, Guidewire and Sapiens.
About Duck Creek Technologies
Duck Creek Technologies (Nasdaq:DCT) is a leading provider of core systems solutions to the property and casualty insurance industry. By accessing Duck Creek on demand, the company’s enterprise software-as-a-service solution, insurance companies are able to navigate uncertainty and seize market opportunities faster than their competitors. Duck Creek’s feature-rich solutions are available on a standalone basis or as full suite, and all are available through Duck Creek OnDemand. For more information, visit www.duckcreek.com.
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