LB Forsikring, a Danish insurer, has partnered with Akur8 to enhance its pricing capabilities and competitiveness in the property and casualty insurance market.
Akur8’s Core Platform solution, powered by ML technology, aims to help LB Forsikring quickly adjust pricing in response to market changes.
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The insurer is expected to benefit from accelerated model building, transparent generalised linear model outputs and improved data-driven underwriting.
LB Forsikring, which encompasses Lærerstandens Brandforsikring, Runa Forsikring, Bauta Forsikring and LB Erhverv, serves as a member-owned entity with a significant presence in Denmark.
With 440,000 members and approximately 900 employees, LB Forsikring is said to be the fourth-largest player in Denmark’s private insurance market.
The adoption of Akur8’s pricing solution by LB Forsikring follows similar moves by industry giants such as AXA, Generali, Munich Re and MS&AD.
Akur8 CEO Samuel Falmagne said: “We are thrilled to partner with LB Forsikring, and help boost their pricing sophistication by providing them with the tools to carry out advanced price analysis, simulations and calculations while maintaining full transparency, auditability and control in their pricing.”
Akur8 client director Julian Frank said: “We worked very closely with LB Forsikring to thoroughly understand their technical and business requirements. As a result, we are confident in our ability to help LB Forsikring better serve their customers and attract top talent for their pricing teams. We are looking forward to a continued and fruitful partnership.”
Earlier this year, Swedish financial institution Swedbank and Spanish insurers MGS Seguros and Mapfre also collaborated with Akur.
