Specifically developed for insurers, Akur8’s solution enhances pricing processes by automating risk modeling using proprietary transparent ML technology. Core benefits for insurers include increased efficiency and speed-to-insights for faster data discovery and evaluation, and advanced predictive modeling capabilities with even small, noisy datasets paving the way towards data-driven underwriting, all while maintaining full transparency and control of the models created.
Tokio Marine North America Services (TMNAS) is part of the Tokio Marine Group, one of the largest insurance groups in the world, and provides professional services supporting the insurance operations of Tokio Marine Group companies, including Philadelphia Insurance, Tokio Marine America and First Insurance Company of Hawaii. In the United States, Tokio Marine Group is among the top corporate insurance providers, and leads the specialty insurance market. By collaborating with Akur8, TMNAS bolsters their pricing capabilities by quickly building predictive models to extract the best signals from data and identify new insights, and ultimately by delivering transparent outputs to underwriters.
“We are thrilled to support TMNAS on their digital transformation journey by equipping them with a powerful insurance pricing solution that helps build a true competitive advantage across their lines of business, with predictive models that are intuitive and easily explainable,” noted Samuel Falmagne, CEO at Akur8.
“Akur8 is excited to expand our partnership with Tokio Marine Group through TMNAS and continue to grow our presence in North America, a highly strategic market for us. This partnership is additional proof of Akur8’s relevance across lines of business - personal, commercial and specialty lines,” says Brune de Linares, Chief Customer Officer at Akur8.
“Automation, digitalization and simplification of key business and technology processes have become centerpiece approaches for us as we gain operational efficiency and strive for new and innovative solutions. Leveraging new technologies and emerging best-in-class solution providers to accelerate innovation is a key part of our strategy. Akur8 brings both unique technology and deep expertise which together amplify the value delivered in key functions, such as pricing, where we have long been strong. They are making us even better, providing tools to be nimble and timely in a changing market, where speed and quality matter almost in equal parts,” stated Robert Pick, EVP & Chief Information Officer at TMNAS.
“Akur8’s insurance pricing solution will enable TMNAS to quickly build intuitive and easily explainable predictive models across all products, providing new insights for underwriters. As a shared services company, it is key for us to be able to translate predictive information into useful measures for our clients. Akur8 will help us fill a missing component to complete the framework for transparent, and data-driven decision-making,” stated John Ferraro, SVP & Pricing Actuary at TMNAS.
Akur8 is revolutionizing insurance pricing with Transparent Machine Learning, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control. Our modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators. With Akur8, time spent modeling is reduced by 10x, the models’ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%. Akur8 already serves 50+ customers across 20+ countries, including AXA, Generali and Munich Re; specialty insurer Canopius and MGA Bass Underwriters; consulting partners Xceedance and Perr & Knight; and insurtechs Bought by Many and wefox. Over 600 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8’s strategic partnerships include Milliman, Duck Creek, Guidewire and Sapiens.
Akur8 recently completed a new scientific paper on Credibility and Penalized Regression. Click here to learn more: https://bit.ly/Akur8-Credibility-and-Penalized-Regression
About Tokio Marine North America Services (TMNAS).
Tokio Marine North America Services (TMNAS) was established in 2012 as the shared services company for Tokio Marine North America. With headquarters located just outside Philadelphia in Bala Cynwyd, Pennsylvania, TMNAS provides professional services supporting the insurance operations of Tokio Marine Group companies, including Philadelphia Insurance, Tokio Marine America and First Insurance Company of Hawaii, with innovative and market-leading solutions across service areas supporting more than 4,000 people and $5 billion in annual premium revenue. TMNAS is recognized as a top workplace both regionally and within the insurance industry. TMNAS partners with market-leading service and technology providers in the U.S., Japan, Europe, India, and Central America to operate at the scale, speed, quality, and level of excellence appropriate to the 150-year history of the Tokio Marine Group.