(Image source: Akur8 homepage.)
Akur8 (Paris), an InsurTech provider automating insurance pricing with a proprietary “Transparent AI” solution, has closed a Series B funding round of $30m, bringing the company’s total funding to $42m.
The investment round closed less than two years after the property/casualty and health insurance pricing solution provider first commercialized its platform, and just 15 months after the company’s Series A funding round led by BlackFin Capital Partners (Paris) and MTech Capital (Los Angeles), who are both reinvesting in this round. Akur8 says this latest funding round will accelerate the company’s international expansion, with an emphasis on furthering its U.S. footprint as the largest insurance market in the world, as well as establishing a presence in APAC in 2022. Akur8 says it will also use the funding round o accelerate its product development pipeline to cover the full pricing suite, develop U.S.-tailored features and create more value-added features to enhance existing modules.
“We are happy to announce the closing of our Series B funding round and are grateful for the support we have seen from our investors,” comments Samuel Falmagne, co-founder and CEO, Akur8. “This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our international expansion in the US and APAC, and equip P&C and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelessly.”
Applying Machine Learning to Pricing
Founded in 2018, Akur8 describes its vision as transforming insurance pricing with its cloud-based Transparent AI solution and empowering actuaries and pricing teams to make better decisions, faster. The company describes its Transparent AI solution as automating the generation of pricing models while allowing actuaries to retain complete control over the process. Akur8 says this is done by combining the speed and performance of machine learning (ML) with the transparency required in the highly-regulated use case of insurance rate making. Akur8 says it enables higher speed-to-accuracy and significantly accelerates the pricing time to market, while providing insurers with a highly robust and secure pricing process.
Akur8 reports that within the last two years it has acquired more than 30 customers in 10 countries, including top tier global players (AXA, Generali, and Munich Re), specialty insurers (Canopius and Tokio Marine Kiln), InsurTech distributors (Wakam and wefox), as well as mutualistic player, Matmut. Akur8 says that its platform is used daily by 350 users within insurers’ pricing teams, to compute pricing models across P&C, personal and commercial lines, and health.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” comments Julien Creuzé, Partner, BlackFin Capital Partners. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Akur8’s client footprint spans a dozen countries in Europe, Asia and The Americas. The vendor says this reflects Akur8’s own international DNA that can be seen across its offices in Paris, London and New York, where 20 nationalities are represented within its team of 50 employees.
“We are humbled by the trust that our clients and investors have placed in Akur8,” comments Guillaume Beraud-Sudreau, co-founder and chief actuary, Akur8. “Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”