(Image source: Madison Mutual homepage.)
Madison Mutual Insurance Company (MMIC; Edwardsville, Ill.) has selected Akur8’s (Paris/New York) Risk and Rate modeling solution to become more competitive by modernizing pricing processes and increasing their pricing sophistication, according to a vendor statement. Madison Mutual serves policyholders across Illinois, Missouri, Wisconsin and Indiana, offering a value proposition of exceptional insurance products and service to their members and agency partners at competitive prices.
“Akur8 has effectively multiplied our investment in an in-house actuarial team,” comments Nick Lannutti, Chief Actuary and VP of Operations, Madison Mutual Insurance Company. “With Akur8’s Risk module, we were impressed with the ease and speed of model creation and comparison, and the meaningful high-impact pricing insights, while the Rate module enabled us to quickly automate large amounts of manual work required for rate reviews. We were also extremely impressed with the limited onboarding required combined with the strong support Akur8 provides to our team.”
“MMIC is elated by our partnership with Akur8 and the potential it holds to drive our company’s digital transformational journey in insurance pricing,” says Allah Rakha Sheikh, CIO, Madison Mutual Insurance Company.
Proprietary Machine-Learning Technology
Developed explicitly for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for the P&C insurance marketplace include accelerated model building, transparent GLM outputs, and data- driven underwriting.
“We are thrilled to partner with Madison Mutual Insurance Company and help boost their pricing sophistication by providing them with the tools to quickly run models across a variety of coverages, enhance rate review and framework, improve predictive performance and increase transparency on data-driven decisions,” says Samuel Falmagne, CEO, Akur8. “This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers within this market.”
“Our partnership with Madison Mutual Insurance Company, a reliable and well-established P&C company providing Auto, Home, Farm and Personal Umbrella insurance, demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business,” comments Brune de Linares, Chief Client Officer, Akur8.