Millennial Specialty Insurance (MSI), a non-carrier-affiliated managing general agency (MGA) in the US, has chosen Akur8’s solution to enhance its pricing capabilities across personal lines of business.
This partnership will see MSI adopting Akur8’s ‘Risk and Rate modelling’ solution to streamline its pricing team’s decision-making processes.
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The collaboration aims to improve efficiency and accuracy in pricing, reflecting Akur8’s efforts to grow within the personal insurance segment in the US.
Akur8’s proprietary machine learning (ML) technology is designed to augment insurers’ pricing processes.
Some of the key benefits for the property and casualty (P&C) insurance sector include faster model building, transparent generalised linear model (GLM) outputs, as well as enhanced data-driven underwriting capabilities.
Akur8’s ML technology is claimed to enhance non-life insurance pricing, offering insurers a tool to refine their pricing strategies.
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By GlobalDataThe modular pricing platform not only automates premium modelling but also ensures that insurers can maintain full control of their models, a necessity for compliance with regulatory standards.
Akur8 said that the use of its modelling solution results in a tenfold reduction of modelling time and a 10% growth in predictive power.
Additionally, the potential for loss ratio improvement is projected to rise by 2%-4%.
Akur8’s global reach now extends to over 130 customers in more than 40 countries.
MSI predictive modelling manager Fan Feng said: “We are committed to providing our clients with more accurate and tailored insurance solutions to drive better outcomes, and this collaboration will allow us to leverage innovative technology to enhance our risk assessment capabilities, streamline our operations, and deliver competitive pricing to our clients.”
Since its founding in 2015, MSI has expanded its offerings to include a diverse range of insurance products.
The agency provides high-value homeowners insurance, digital renters coverage, and complex commercial coverages.
With a customer base exceeding one and a half million and more than $900m in written premium, MSI is focused on delivering tailored solutions for the evolving risks faced by both individuals and businesses.
Danish insurance company LB Forsikring recently selected Akur8’s tool to improve its pricing capabilities in P&C insurance.
