(Image source: Ohio Mutual LinkedIn page.)
Ohio Mutual Insurance Group (Bucyrus, Ohio) has selected Akur8’s (Paris) Risk and Rate modeling solution to enable streamlined predictive modeling, improve rate reviews, and foster a more data-driven approach to sharing actionable insights with internal stakeholders, according to a vendor statement. Akur8 characterizes the agreement as marking an expansion of its presence in the U.S. personal and commercial insurance marketplace.
Akur8 describes its solution as developed explicitly for insurers to enhance 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, according to the vendor.
“Akur8 is thrilled to partner with Ohio Mutual and to empower their pricing team with our cutting-edge Risk and Rate modeling solution,” comments Samuel Falmagne, CEO, Akur8. “Joining forces with a well-established mutual insurance company in the world’s largest insurance market is another key milestone in our development trajectory. This collaboration underscores the desirability of Akur8’s solution for a wide variety of stakeholders in the insurance market.”
“Our strategic partnership with Ohio Mutual is a further demonstration of the robustness and attractiveness of Akur8’s solution for mutual insurance companies in the U.S. market, and we are excited to build upon this partnership as we continue to expand within the U.S., ” adds Brune de Linares, Chief Client Officer, Akur8.
Significantly Enhancing Rate Review Process
“We anticipate that Akur8 will significantly enhance our rate review process, helping to shift it to a more holistic, data-driven approach,” comments Susan Kent, VP & Chief Analytics Officer, Ohio Mutual. “The user-friendly and intuitive interface also is expected to facilitate quick learning among our users.”