(Image credit: Madrid Jorge Fernández Salas/Unsplash.)
MAPFRE (Madrid) has selected Akur8’s (Paris) RISK and RATE modules to empower MAPFRE’s actuarial team to build what a vendor statement calls powerful, explainable pricing models and establish a robust predictive modeling framework. Akur8 characterizes the agreement as reinforcing its foothold in the Spanish market and underscores its significance as a preferred choice for major players in non-life insurance pricing.
“We are thrilled to embark on this exciting partnership with Akur8,” comments Jean-Louis Hernández, Director, Motor Pricing, MAPFRE Spain. “It promises to significantly enhance our model development efficiency, enabling us to focus on in-depth analysis and understanding results. With the capacity to run models in the cloud, swiftly export documentation, and conduct Dislocation and Impact Analysis, we are poised to elevate our rate- making process.”
Akur8’s insurance-specific solution is designed to empower pricing teams to make better decisions, faster, by automating risk modeling using proprietary transparent machine learning technology. The core benefits for insurers include increased predictive performance and speed-to- accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control of the models created, according to the vendor.
“Once again, Akur8 has proven to be the right solution for a major player in the Spanish insurance market,” comments Samuel Falmagne, CEO, Akur8. “We are proud to extend a warm welcome to MAPFRE Spain as our valued client, and are excited to enhance their insurance pricing process, specifically for their auto line of business.”
“Collaborating with MAPFRE holds significant importance for Akur8,” comments Joanna Chardon, Chief Strategy and Product Officer, Akur8. “The convergence of data science and actuarial science is steadily drawing nearer, and we take pride in offering MAPFRE’s actuarial team a cutting edge platform that caters to their requirements in addressing business challenges while managing extensive datasets with transparency and ethical standards.”
Tackling Business Challenges and Pricing Needs
“From an advisory point of view, I have observed for several years deep and moving trends in the Spanish insurance market,” comments José María Castelo Marín, Senior Advisor, Akur8. “Numerous factors influence the entire pricing value chain, including regulatory developments, inflation, the need for transparency and ethics, and more. From this standpoint, Actuaries in non-life, and in particular in Auto are facing a situation that has never taken place in the past, the combination of: relevant changes in drivers’ habits, the introduction of ADAS and EVs and specially, double digit increases of premiums driven by hyperinflation. From data cleansing to the definition of the commercial premium, Akur8 is offering a platform that tackles all those business challenges and pricing needs.”