Tokio Marine Highland (Chicago), a member of the Tokio Marine Group (Tokyo) and a property/casualty underwriting agency offering specialty risk management solutions, has deployed Akur8 (Paris) to improve its pricing process while improving the governance of the rate making process to deliver a safer, more consistent and traceable output, according to an Akur8.
Akur8 describes its insurance-specific solution as enhancing pricing processes by automating risk modeling using proprietary transparent ML technology. Core benefits for insurers include increased efficiency and speed-to-insights for faster data discovery and evaluation, and advanced predictive modeling capabilities with even small, noisy datasets paving the way towards data-driven underwriting, all while maintaining full transparency and control of the models created, according to the vendor.
Tokio Marine Highland (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln (London), one of the largest carriers in the Lloyd’s of London insurance market, offering a broad suite of trusted, industry-leading specialty risk management solutions, including private flood, fine art, specialty property, real estate investment and lender-placed insurance. By collaborating with Akur8 for its property and casualty pricing innovation initiatives, Tokio Marine Highland bolsters its digital transformation and enhances its capabilities to further boost their competitiveness in the U.S., the vendor says.
“We are thrilled to accompany Tokio Marine Highland on their digital transformation journey by equipping them with a rate-making solution that helps build a genuine competitive advantage. Pricing is a critical process where robustness and safety are of the essence, coupled with an ever greater need for speed and agility,” comments Samuel Falmagne, CEO, Akur8.
“Akur8 is truly excited to expand our partnership with Tokio Marine Group through this collaboration with Tokio Marine Highland, while also reinforcing our presence in the US – a highly strategic market for us,” says Brune de Linares, Chief of Sales, Akur8. “It is additional proof of Akur8’s relevance for commercial and specialty lines.”
Strong Leap Forward in Rate-Making Process
“Akur8’s insurance pricing solution genuinely enables us to take a strong leap forward in our rate-making process,” comments Nirav Shah, Chief Analytics Officer, Tokio Marine Highland. “Being able to identify and prioritize our data needs is critical to our success. Akur8 makes it actionable to understand how to build a better data strategy.”