PZU Strengthens Insurance Pricing Models with Akur8’s Demand Module

The company seeks to better understand customer demand and price sensitivity, enabling it to offer competitive personalized insurance products.

(Image credit: Biniek981/Wikipedia.)

Insurance Group PZU (Warsaw), the largest financial institution in Poland and Central and Eastern Europe, has selected Akur8’s (Paris) Demand module to improve its pricing for its Baltic region companies.

Anu Hoop, Pricing Actuary, PZU Lietuva.

“We are thrilled to strengthen our partnership with Akur8 and leverage their Demand module to enhance our insurance pricing models,” comments Anu Hoop, Pricing Actuary, PZU Lietuva. “With Akur8’s advanced capabilities, we are looking forward to understanding better our customer demand and price sensitivity, enabling us to offer competitive and personalized insurance products.”

Akur8 describes its solution as empowering 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.

Samuel Falmagne, CEO, Akur8.

A Step Further on the Pricing Sophistication Road

“PZU’s Baltics entities first started to leverage Akur8’s solution in 2021 and were part of the early adopters of our platform,” comments Samuel Falmagne, CEO, Akur8. “We are proud to take the PZU team a step further on the Pricing Sophistication road. We see this extended collaboration as a sign of confidence and satisfaction in our product, further proving its excellence and our ability to meet our clients’ needs.”

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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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