Swedbank, a Swedish financial institution, has chosen Akur8’s AI-powered platform to refine its insurance pricing process.
The partnership with Akur8 aims to bolster precision, efficiency and customer satisfaction in Swedbank’s insurance offerings.
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Akur8’s cloud-based solution is tailored for insurance companies, providing advanced tools to automate and optimise pricing models with transparency and control.
The collaboration with Akur8 is expected to provide Swedbank with an edge in the rapidly evolving insurance market.
Swedbank’s insurance portfolio includes home, auto, travel, life and credit card liability insurance.
The platform’s ML technology facilitates quicker, more informed pricing decisions, leading to improved predictive performance and market responsiveness.
Akur8 said this integration reflects the broader industry trend towards digital transformation, where insurtech solutions are reshaping traditional practices.
Akur8 chief strategy and product officer Joanna Chardon said: “We are delighted to welcome a new client in the Baltics and to work alongside a carrier who shares our commitment to customer support. This synergy is all the more gratifying as we continue to invest significantly in the development of new functionalities and the user-friendliness and live support from our teams around the world.”
Swedbank head of underwriting Juris Kipluks said: “The platform is a perfect fit with our development plan, and will enable us to improve efficiency in our modelling process.
“We were especially impressed with Akur8’s lightning-fast user support, which allows us to tap into technical expertise beyond just the platform, focus on the business side and accept new projects – all of which further strengthen our market positioning and serve our clients better.”
Recently, Akur8 formed similar partnerships with various insurers, underscoring the growing demand for AI-driven pricing solutions.
Last month, Georgia Farm Bureau Mutual Insurance Company and MGS Seguros of Spain adopted Akur8’s technology.
In January 2024, Mapfre, another Spanish insurer, integrated Akur8’s platform to enhance its pricing strategies.
