MGS Seguros Selects Akur8’s Pricing Platform

The solution will help the Spanish insurer’s pricing teams to build explainable pricing models and establish a predictive modeling framework for its auto and home products.

(Image source: MGS Seguros website.)

MGS Seguros (Zaragoza, Spain) has chosen Akur8’s pricing platform to empower its actuarial and pricing teams to build powerful, explainable pricing models and establish a robust predictive modeling framework for its auto and home insurance products, according to an Akur8 statement.

The companies’ engagement highlights MGS Seguros’ commitment to innovation, while establishing Akur8 as the top choice for non-life insurance companies seeking cutting-edge approaches to insurance pricing within the Spanish market, the vendor statement says. The vendor announced in Jan. 2024 that MAPFRE (Madrid) had adopted its RISK and RATE modules.

“During the pilot phase, we were impressed by the efficiency of the Akur8 platform and its ability to meet our needs,” comments Daniel Vila, Head of Pricing, MGS Seguros. “We were able to import a large amount of data, create models for each coverage of our auto products, in an iterative and very agile way, and select the best model in a  short period of time. We saved a considerable amount of time throughout the process, achieving a very efficient execution.”

Samuel Falmagne, CEO, Akur8.

Specifically developed for insurers, Akur8’s 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.

Strengthening Presence in Spain

“We are happy to welcome the MGS Seguros actuarial team to our user community and to provide them with our state-of-the-art cloud-based pricing platform,” comments Samuel Falmagne, CEO, Akur8. “We are proud to further strengthen our presence in Spain, as this demonstrates both our ability to meet insurers’ needs and the fact that our solution is establishing itself in the market as a benchmark of excellence in the pricing process.”

MAPFRE Selects Akur8 RISK and RATE Modules

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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