Louisiana Workers’ Compensation Corporation (LWCC), the largest workers’ compensation carrier in Louisiana, has partnered with insurtech company Akur8 to enhance its predictive modelling capabilities.
The collaboration will leverage Akur8’s ML-driven insurance pricing solution to offer “high-quality” underwriting insights for LWCC.
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Founded in 1991 and based in Baton Rouge, LWCC is a private, non-profit mutual insurance company. It insures 20,000 policyholders within Louisiana annually.
The company has chosen Akur8’s Core Platform solution to refine its predictive modelling framework, which is integral to its underwriting process.
LWCC chief actuary Angela McGhee stated: “We are thrilled to partner with Akur8. Their intuitive and transparent models will help us build predictive models more quickly and accurately. We see a lot of potential for this partnership to drive better pricing decisions and support our growth initiatives.”
Akur8’s solution is designed specifically for insurers and promises to improve pricing processes through its proprietary ML technology.
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By GlobalDataThe core advantages for the P&C insurance market include faster model building, data-driven underwriting, as well as transparent Generalised Linear Model (GLM) outputs.
Akur8 CEO Samuel Falmagne highlighted the benefits of its technology for LWCC, saying: “Our advanced AI-powered pricing solution will empower LWCC’s team to achieve unprecedented levels of efficiency and accuracy in their pricing processes, while aligning with their current growth initiatives and supporting their commitment to innovation and superior service.”
This news follows Akur8’s recent $120m (€107.53m) fundraise in a Series C round.
The insurtech company plans to use the proceeds from the One Peak-led financing round to enhance its insurance pricing platform with two new modules and expedite its global expansion plan.
Akur8 currently caters to more than 250 clients in more than 40 countries, with its client roster including major insurers such as AXA, Generali and Munich Re.
Additionally, Akur8 recently acquired Arius, a P&C reserving software provider. The integration of Akur8 Pricing and Akur8 Reserving is expected to help non-life insurance companies enhance their core actuarial processes’ speed and accuracy.
