US-based Georgia Farm Bureau Mutual Insurance Company has tapped insurtech company Akur8 to implement its insurance pricing solution.
The insurer will leverage Akur8’s Core Platform solution to develop explainable insurance pricing models tailored for the industry.
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Akur8’s proprietary ML technology is designed to streamline pricing processes, offering benefits such as faster model building and transparent outputs.
Established in 1959, Georgia Farm Bureau Mutual Insurance provides an array of insurance products including farm insurance and other lines of insurance across Georgia.
The collaboration with Akur8 is expected to enhance the company’s pricing capabilities and data-driven underwriting, bolstering its position in the property and casualty (P&C) insurance market.
Georgia Farm Bureau actuary and manager of rate development Steven Reslie said: “Our team really values the speed of model creation and iteration, transparency and ease of reporting that Akur8’s Core Platform solution provides.
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By GlobalData“Being able to review the indicated vs. predicted and then make a selection is something in the current pricing process that Akur8 helps make a lot more efficient. We also love that if a member of our team ever runs into a roadblock, Akur8’s live support is always there to help us resolve any issues that arise.”
Akur8 CEO Samuel Falmagne said: “We are thrilled to team up with Georgia Farm Bureau Mutual Insurance Company and empower their pricing team to streamline predictive modelling with a more data driven approach, while also sharing actionable insights with key stakeholders.
“This partnership exemplifies the importance and attractiveness of Akur8’s solution for regional insurance providers within the mutual insurance market in the US.”
The latest move by the Georgia-based insurer follows recent partnerships between Akur8 and other insurance companies.
Last week, MGS Seguros in Spain also adopted Akur8’s pricing solution for its P&C insurance segment.
Additionally, Mapfre, another key Spanish insurer, selected Akur8’s technology last month to improve its pricing strategies.
