AXA Tianping partners with Akur8 to use AI technology

AXA has announced their collaboration to further enhance AXA Tianping's pricing process with Akur8's AI technologies

A member of AXA Group, AXA Tianping (registered in China as AXA Tianping Property & Casualty Insurance Co), is one of China's largest global insurers and has partnered with Akur8, an AI-driven insurance pricing technology company. 

The collaboration is to further enhance AXA Tianping’s pricing process with Akur8’s AI technologies. AXA Tianping will officially deploy Akur8 to ‘unlock new potential with unique analytical insights and advanced pricing automation’. 

“Akur8 brings in cutting-edge technologies to our pricing process, which helps us continue to strive for technical sophistication and empowers us to deliver valuable insurance solutions to our customers more efficiently while ensuring utmost transparency and control. We believe Akur8 will not only be an important asset to our team’s work along the whole pricing value chain, but also of great value to our customers for providing increased personalisation and targeted pricing in a dynamic marketplace. We look forward to working with Akur8 in unlocking the potential of our business,” said Scott Yin, Chief Pricing Officer & Chief Actuary at AXA Tianping. 

Using AI to speed up insurance processes

Founded in 2018, Akur8 is using AI for insurance pricing. It developed a unique AI-based insurance pricing solution that automates modelling for non-life insurance companies while keeping full transparency and control over the models created, as required by regulators worldwide.

Using Akur8’s AI proprietary technology, AXA Tianping will be able to shorten the time-to-market by automating rate modelling with machine learning in the pricing process, as well as improve the performance of policies with AI-driven predictive power. 

Fully owned by AXA Group, AXA Tianping provides a range of personalised products and services across health, motor, lifestyle, and commercial lines. Deeply rooted in China for more than 20 years, the company currently serves over three million customers nationwide and has 25 branches across China. 

“We are delighted to announce this collaboration with AXA Tianping in China. AXA Tianping is a well-established and renowned insurer, and we are looking forward to supporting its actuarial department in its best-in-class strategy and innovative explorations. APAC has always been a strategic market for us. We have been building our presence there for a while now, across various geographies and insurance lines. This collaboration is an exciting way for Akur8 to enter the Chinese P&C insurance market and to strengthen its global relations with AXA”, said Samuel Falmagne, CEO at Akur8.

 

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