Xceedance and Akur8 announce a strategic partnership
A strategic partnership between two leading technology and insurtech platforms looks set to deliver a series of cutting edge services to providers.
The global insurance consulting group, , which has offices in the US, the UK, Germany, Poland, Australia, and India, is joining forces with - an AI pricing solution for insurance companies based on transparent machine learning.
The company helps insurers launch products, drive operations, implement intelligent technology, deploy advanced analytics, and achieve business process optimisation.
Meanwhile, Akur8 specialises in risk modelling, demand modelling, impact analysis and price optimisation for Health and P&C cover. The company also replaces the manual processes of legacy solutions and the need to build and maintain large codebases through custom R/Python developments, while maintaining an output that is understandable and auditable, unlike black-box ML.
The partnership will provide an opportunity for insurers to gather extensive insights from internal or external data sources, enrich rate-making processes, and gain access to advanced actuarial expertise.
Technology and insurtech
By utilising the latest technology provided by Akur8, combined with industry proficiency from Xceedance, insurers can experience immediate improvements in their daily performance.
Perks to insurers from the collaboration include faster rate-making processing, shorter time-to-market, and better governance and compliance in the rating process, as well as top-line and bottom-line growth potential.
Technology enablement is a speciality for the Xceedance actuarial and analytics services team. By joining its offerings with strategic partnerships globally, Xceedance provides a full suite of technology-driven solutions to reinsurers and insurers.
Companies with an actuarial and analytics infrastructure benefit from an efficient deployment, while organisations with limited resources can access those solutions via advisory and consulting services from Xceedance.
He continued: "By combining our resources, we can deliver a strong actuarial value proposition to insurance organisations — leveraging our unique ratemaking platform and top-notch actuarial expertise from Xceedance."
The Akur8 insurance pricing platform uses a new combination of transparent artificial intelligence (AI) and proprietary machine learning (ML) algorithms which enable actuarial and predictive modelling teams to increase speed-to-accuracy, without losing auditability and control.
, chief actuary, head of global actuarial and analytics services at Xceedance, said, "The Akur8 platform is distinctive in the pricing landscape, with an innovative approach to incorporating data science in the ratemaking process."
Duke explained, "Automation of critical steps in the predictive modelling process significantly reduces time-to-market, while maintaining high levels of precision and transparency. The Akur8 solution, combined with actuarial and analytics services from Xceedance, creates a powerful offering for insurance organisations worldwide."