(Image credit: João Tzanno/Unsplash.)
Tokio Marine Seguradora (São Paulo) has chosen Akur8 ’s (Paris) solution to enhance and streamline its underwriting process and pricing capabilities in Brazil. The vendor calls the agreement a major step for both companies as they build upon their current collaborations across the globe in Asia, in the U.K., and in the U.S.
Specifically developed for insurers, Akur8 says its solution enhances 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.
Tokio Marine Seguradora is part of the multinational insurance group Tokio Marine, and is ranked among the top ten largest insurance providers in Brazil in terms of premium according to the SUSEP ranking Tokio Marine Seguradora is highly distinguished in Brazil, with over 50 offices, and offering a full range of life and non-life insurance products through its network of insurance brokers.
By leveraging Akur8 for its property/casualty pricing innovation initiatives, Tokio Marine Seguradora strengthens its digital transformation, and enhances its capabilities to further boost its competitiveness in the Brazilian market, according to the vendor statement. Using Akur8’s RISK and RATE modules, Tokio Marine Seguradora is taking its pricing sophistication to the next level and is now able to update prices more frequently by generating models and analysis faster, improving collaboration across teams, and enhancing predictive power and decision making during the pricing process, the vendor says.
“We are so excited and proud to begin our collaboration with Tokio Marine Seguradora in Brazil,” Samuel Falmagne, CEO, Akur8. “Last year we successfully partnered up with three other Tokio Marine Group entities across three continents, including Asia, the U.K. and the U.S. We look forward to our continued collaboration with the Tokio Marine Group, and to welcoming new entities in the coming months.”
“Akur8 is excited to join forces with Tokio Marine Group on a fourth continent,” says Brune de Linares, Chief Client Officer, Akur8. “This partnership demonstrates Akur8’s value and adaptability across the globe. We are happy to welcome Tokio Marine Seguradora as our fourth key player in Brazil, reinforcing our presence in South America.”
Simplicity, Automation and Support
“We were truly impressed by Akur8’s solution during a Proof of Concept they offered us,” comments Arnaldo Bechara Filho, Director of P&C and Pricing, Tokio Marine Seguradora. “Afterward, we wanted to further explore the product, and leverage its full potential. We believe this collaboration will help us save time throughout the modeling process due to its simplicity, automation and level of support.”