Jul 3, 2020

Brooklin Consulting: accelerating productivity with OTIP

Brooklin Consulting
OTIP
Sean Galea-Pace
3 min
Business partnerships
Michael Flemming, Vice President of Brooklin Consulting, discusses the importance of his organisation’s business relationship with OTIP...

Brooklin Consulting is a management consulting organisation with worldwide experience in several leading industries. The firm helps companies overcome their unique business challenges, discover their greatest opportunities and achieve significant results. Brooklin Consulting has over 30 years of experience in global consulting, primarily focused on productivity improvement, strategic implementation and digital transformation. Brooklin Consulting specialises in achieving measurable results that improve their client’s performance quickly and efficiently.

Michael Flemming is the Vice President of Brooklin Consulting. He leads projects to execute strategy and improve productivity, working with both senior leaders and front-line employees. Brooklin Consulting has formed a partnership with Ontario Teachers Insurance Plan (OTIP) to help improve productivity. Flemming believes this collaborative business partnership is essential and is the “archetype” of any successful consulting relationship. “We’re able to build trust, and work closely with every level of the organisation, which is the key to building solutions that drive the largest impact and are sustainable beyond the term of our engagement,” he says. “Every single change, large and small, is developed with the front-line managers responsible for the area. We work through the development and testing of solutions, but most importantly, we see those changes through to implementation. The collaboration between consultants and operating managers ensures changes are not just theoretical, but drive improvements in the real world.”

When seeking to establish a mutually beneficial and sustainable partnership, Flemming has a clear idea of what he looks for. “We find that the most successful relationships are the ones where we collaborate through every step of the process, regardless if the problem is big or small,” he explains. “We’re prepared to work with clients through every step of the journey to find a solution that is going to succeed. Solutions developed together are always the most successful, and that is a key reason for the strength of our relationship with OTIP, and a key reason our projects have consistently generated 3:1 returns in their first year, while at the same time improving customer service and satisfaction.”

Over the next few years, Flemming expects the future of Brooklin’s relationship with OTIP to continue to thrive as new technology shakes up the industry. “Organisations like OTIP need to be nimble and ready to change at a moment’s notice in order to stay competitive, and I expect key trends revolving around robotics and AI will push analytical decision-making to the next level and provide better quality to customers,” says Flemming. “We’ve been able to install a culture of continuous improvement with OTIP and help adopt those trends quickly and in a meaningful way. I believe the continued strength of our relationship will allow for those future opportunities to be adopted efficiently and robustly.”

Stacey Rous, EVP & CFO at OTIP, says: "The team at Brooklin Consulting has supported OTIP through sever­al improvement projects over the past two years, each resulting in a significant return on investment. Their methodology has helped us transform our management operating system, allowing for better analytics, faster decision-making, and ultimately improved service to our members. Most importantly, they have helped our peo­ple see challenges as opportunities and left us with an approach to continuous improvement that carries on internally beyond the term of their engagements. I would strongly recommend their services to organizations look­ing to improve their operations." 

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Jun 18, 2021

Akur8’s US$30mn Series B to fuel US and APAC expansion

Insurtech
akur8
AI
Insurance
2 min
Parisian insurtech Akur8 has raised $30mn in a Series B round, capital which will be used as it expands out of the EU and into the US and APAC markets

Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.

The company strives to embody four key values:

  • Challenging a status quo that doesn’t benefit customers
  • “Disrupt the known, organise the unknown”
  • Provide artificial intelligence (AI) tech with a distinctly human edge
  • Create solutions that will endure the test of time

At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”

 

 

Transforming insurance pricing

In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.

The Series B round, which comes just over a year after Akur8’s $12mn Series A, was co-led by returning investors BlackFin Capital Partners and MTech Capital.

“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”

Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”

Cover image source: Akur8

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