Actuarial Modelling: Akur8 Secures US$120mn Series C Funding
Akur8's latest funding round, led by One Peak with participation from Partners Group and existing investor Guidewire Software, comes amid a growing demand for advanced actuarial technologies in the insurance sector.
The Paris-based firm, founded in 2018, has developed a proprietary machine learning algorithm that automates risk modelling processes for insurers, significantly reducing the time required for pricing and reserving calculations.
The company's platform leverages transparent AI to enhance the speed and accuracy of insurance pricing whilst maintaining full auditability and control over the models created. This approach has garnered attention from insurers seeking to optimise their pricing strategies in an increasingly competitive market.
Samuel Falmagne, CEO and Co-Founder of Akur8, states: "With the support of our new investors, we are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally."
Tech and Product
Akur8's core offering combines machine learning algorithms with actuarial expertise to automate the insurance pricing process. The platform's unique selling point is its ability to maintain transparency in its modelling, a crucial factor for regulatory compliance in the insurance industry.
The company plans to utilise the new funding to enhance its product portfolio with two new modules. The first, Optim, will enable insurers to determine optimal pricing strategies aligned with their business objectives. The second, Deploy, is a new rating engine designed to streamline the process of implementing rates into production systems.
Akur8 recently acquired the Arius reserving platform from Milliman, expanding its capabilities in the reserving space. This acquisition allows Akur8 to offer a more comprehensive suite of actuarial tools, addressing both pricing and reserving needs for insurers.
Brune de Linares, Chief Client Officer and Co-Founder of Akur8, adds: "This latest round of funding will empower us to better meet our customers' evolving needs, enhance their operational efficiency, and equip them with innovative tools to thrive in an increasingly competitive insurance landscape."
Market Penetration and Growth Trajectory
Since its inception, Akur8 has demonstrated significant market traction, serving over 250 customers across more than 40 countries. The company's client base includes major insurers and insurtechs, reflecting the broad appeal of its technology across different segments of the insurance market.
The new funding is expected to accelerate Akur8's global expansion, with a particular focus on North America. The company has already established a presence in key insurance markets, including the UK, Germany, and the United States, and aims to deepen its market penetration in these regions.
Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner of One Peak, comments: "We have been particularly impressed by Akur8's user-friendly interface, ease of deployment, and reputation among the world's leading insurers for its outstanding customer service."
The insurtech's growth comes at a time when the global insurance industry is increasingly adopting AI and machine learning technologies to enhance operational efficiency and risk assessment capabilities. Akur8's success in this space is indicative of the broader trend towards digitalisation in insurance, with actuarial modelling at the forefront of this transformation.
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