hyperexponential and Akur8 announce a new partnership that will integrate their complementary pricing decision intelligence (PDI) capabilities to offer insurers an automated, data-driven system for accurately pricing commercial and specialty insurance products.
The partnership enables insurers to seamlessly integrate rating factors calibrated in Akur8 into pricing models built in hx Renew where the rating factor is adjusted based on additional data and underwriter insights. The pricing decision data can then be pulled from hx Renew, integrated with claims data, and sent back to Akur8 to continuously re-calibrate the rating factor. With a strong data pipeline from hx Renew and other core systems into Akur8, a tight feedback loop can be created between claims paid, exposures underwritten, and the accuracy of the rating factors.
Using proprietary Transparent Artificial Intelligence technology developed specifically for insurers, Akur8’s solution automates rate making and enhances pricing processes. Core benefits for insurers include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control on the models created.
Built by actuaries, hyperexponential’s PDI platform, hx Renew, enables insurers to rapidly build, deploy, and refine advanced pricing tools that leverage small, sparse, and fragmented data sets to enhance underwriting workflows and pricing decisions. Data is captured at every step – from model build to policy bind – and readily integrated with wider business data, including claims, to enable faster, more powerful portfolio analysis and decision making.
“We’re delighted to partner with hyperexponential. We not only provide complementary tools across the value chain, we also share the same values: pushing boundaries while deeply supporting customers. This partnership will allow us to better address the needs of a specific market with a common goal: empowering specialty and commercial insurers to make truly data-driven decisions,” said Samuel Falmagne, CEO at Akur8.
“Many of the insurers we work with have two key challenges. First – they are leaving money on the table by relying on outdated pricing practices, and second – managing the integration burden of a significant transformation initiative. Through our partnership with Akur8 we are targeting a material improvement to our customer’s combined ratios, whilst reducing the burden on IT and the business.” said Richard Gunn, Chief Revenue Officer at hyperexponential.
Featured Photo by Cytonn Photography on Unsplash.