Akur8, the insurtech solution using machine learning to overhaul the insurance pricing process, has closed a new funding round worth US$25m.
The Paris-based insurance pioneer already serves over 100 customers in more than 40 different countries including industry heavyweights like AXA, Generali, Munich Re and Tokio Marine. It is used by over 1,000 actuaries, who use Akur8 to build their pricing models across all insurance lines, resulting in a claimed loss ratio improvement of between 2-4%.
But now the insurtech success story is welcoming on board fresh funding, led by fintech investor FinTLV, which brings the total amount raised by Akur8 to date to more than US$60m. It comes four years after the company first commercialised its platform, and little more than two years since Akur8's US$30m Series B raise.
As well as the Tel Aviv-based venture capital fund, this most recent round includes backing from software company Guidewire and existing investor BlackFin Capital Partners.
Akur8’s insurance pricing software ‘stands above the rest’
Brune de Linares, Chief Client Officer at Akur8, explains how the money will be used to support Akur8’s success: “This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our growth in key markets such as the US and APAC, and equip P&C and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelessly.”
Akur8 CEO Samuel Falmagne continues: “To further enable and enhance our capabilities, we recently conducted a new fundraising to bring additional strategic partners to the table. FinTLV Ventures, a leading global venture capital firm with an extensive network investing in top insurtech and fintech companies, chose to invest in Akur8 – a powerful endorsement of our immediate and future potential.”
And Gil Arazi, Managing Partner at FinTLV, adds: “We take pride in investing in only the top insurtech companies in the industry, and Akur8 has proven again and again that their powerful insurance pricing software stands above the rest.”
Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18-19 October 2023.
BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.
BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.