Swedbank Selects Akur8 to Strengthen Insurance Pricing Process

Akur8’s solution empowers pricing teams to make better decisions faster, by automating risk modeling using proprietary transparent machine learning technology.

(Image source: Akur8.)

Swedbank, a Stockholm-based financial institution providing a wide range of banking and financial services to individuals, businesses, and corporations, has selected Akur8’s (Paris) pricing platform to enhance its insurance pricing process.  By leveraging Akur8’s cloud-based, fully integrated platform, Swedbank is poised to streamline its insurance pricing process, ensuring accuracy, transparency, and an improved customer experience, according to an Akur8 statement.

Juris Kipluks, Head of Underwriting, Swedbank.

Specifically developed for insurers, Akur8’s solution empowers pricing teams to make better decisions faster, by automating risk modeling using proprietary transparent machine learning technology, according to the vendor. 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, Akur8 says.

Lightning-Fast User Support

“During the onboarding, we were impressed with the range of functionalities in the Akur8 suite,” comments Juris Kipluks, Head of Underwriting, Swedbank. “The platform is a perfect fit with our development plan, and will enable us to improve efficiency in our modeling process. We were especially impressed with Akur8’s lightning-fast user support, which allows us to tap into technical expertise beyond just the platform, focus on the business side and accept new projects – all of which further strengthen our market positioning and serve our clients better.”

“We’re delighted to welcome a new client in the Baltics and to work alongside a carrier who shares our commitment to customer support,” comments Joanna Chardon, Chief Strategy and Product Officer, Akur8. “This synergy is all the more gratifying as we continue to invest significantly in the development of new functionalities and the user-friendliness and live support from our teams around the world. With this alignment, our support team can focus on addressing high-value inquiries.”

“We are glad to cooperate with Swedbank to continue working at the forefront of pricing sophistication, and we are proud to further strengthen our presence in the Baltics,” says Julian Frank, Client Director, Akur8. “We have worked very closely with Swedbank to ensure we understand their requirements, both from a technical as well as from a business viewpoint—and we are looking forward to a continued and fruitful collaboration with Swedbank.”

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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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