(Image source: Akur8.)
FCCI Insurance Group (FCCI; Sarasota, Fla.) has selected Akur8 (Paris) to enhance and streamline the commercial insurer’s underwriting process and pricing capabilities across most FCCI lines of business, according to a vendor statement. Akur8 characterizes the deal as further expanding its presence in the U.S. within the commercial property/casualty insurance industry.
Akur8 says its solution will support FCCI’s efforts to be an industry leader in its risk and rate pricing capabilities, as well as to enhance and accelerate the ability of the predictive modeling team to continually deliver highly efficient underwriting models with visual insights that are explainable across a variety of stakeholders.
“Akur8’s risk and ratemaking solution will empower and enable our predictive modeling team to collaborate seamlessly across teams within one single platform, strengthen buy-in from internal stakeholders thanks to the added transparency on data-driven decisions, and drive efficiencies to allocate resources to higher-value tasks,” comments Daniel Siu, Manager, Predictive Modeling, FCCI Insurance.
Akur8 describes its offering as a solution specifically developed for insurers that enhances pricing processes by automating risk and rate modeling using proprietary transparent machine learning technology. The core benefits for commercial insurers, according to the vendor, include automated model building, transparent GLM outputs, data-driven underwriting and no coding required, all of which effectively accelerates time to market while ensuring full transparency and control of the models created.
“Akur8’s platform is extremely thoughtful and user-friendly for actuarial and predictive modeling teams,” comments Rob Davis, VP and Actuary, FCCI Insurance. “Leveraging their risk and rate software and the insights generated from their solution will empower FCCI to run more models across all lines of business, as well as build transparent and explainable models faster while maintaining control over the models created.”
Attractive, Robust Solution
“Akur8 is thrilled to partner with FCCI Insurance Group, and to empower them with a state-of-the-art risk and rate modeling platform,” comments Samuel Falmagne, CEO, Akur8. “Joining forces with a leading property and casualty commercial insurer in the largest insurance market worldwide is a key step for us in our development trajectory. This union also demonstrates the relevance and attractiveness of Akur8’s solution for numerous types of players within the insurance market.”
“Our strategic partnership with FCCI Insurance Group is a further demonstration of the robustness and attractiveness of Akur8’s solution for a major P&C commercial insurer with a strong position in the U.S. market,” notes Brune de Linares, Chief Client Officer, Akur8. “We look forward to this paving the way for additional partnerships within the commercial insurance community.”