(Image source: Akur8.)
Akur8 (Paris) and Xceedance (Boston) have announced a strategic partnership to deliver best-in-class actuarial and analytics solutions to insurance organizations. Akur8 (Paris) provides AI-driven insurance pricing solutions; Xceedance (Boston) is a global provider of strategic consulting and managed services, technology, and data sciences to insurance organizations.
The companies characterize their partnership as providing an opportunity for insurers to gather extensive insights from internal or external data sources, enrich rate-making processes, and gain access to advanced actuarial expertise. The companies say that by avialing themselves of modern technology from Akur8 and industry proficiency from Xceedance, insurers can realize immediate and tangible improvements in operational performance. Benefits to insurers include increased rate-making process efficiency, faster time-to-market, and enhanced governance and compliance in the rating process, as well as top-line and bottom-line growth potential, according to a joint statement.
“Akur8 is excited to join forces with Xceedance, a leading and recognized expert in the actuarial services landscape,” comments Samuel Falmagne, CEO, Akur8. “By combining our resources, we can deliver a strong actuarial value proposition to insurance organizations—leveraging our unique ratemaking platform and top-notch actuarial expertise from Xceedance.”
Akur8 describes its insurance pricing platform as leveraging a combination of proprietary machine learning (ML) algorithms and transparent AI, which allows actuarial and predictive modelling teams to significantly increase speed-to-accuracy, without sacrificing auditability and control.
Automation of Critical Steps
“The Akur8 platform is distinctive in the pricing landscape, with an innovative approach to incorporating data science in the ratemaking process,” comments Matthew Duke, chief actuary, head of global actuarial and analytics services, Xceedance. “Automation of critical steps in the predictive modelling process significantly reduces time-to-market, while maintaining high levels of precision and transparency. The Akur8 solution, combined with actuarial and analytics services from Xceedance, creates a powerful offering for insurance organizations worldwide.”
Xceedance says that technology enablement is a key focus for its actuarial and analytics services team. By combining its offerings with strategic partnerships globally, Xceedance says it supplies a comprehensive suite of technology-driven solutions to insurers and reinsurers of all sizes. “Companies with actuarial and analytics infrastructure can benefit from a streamlined deployment, while organizations with limited resources can access those solutions via advisory and consulting services from Xceedance,” the joint statement says.