‍New York, NY - January 9, 2024

Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce its partnership with Ohio Mutual Insurance Group, a company that is independently recognized as one of the top insurers in the United States. Ohio Mutual has selected Akur8's Risk and Rate modeling solution to enable streamlined predictive modeling, improve rate reviews, and foster a more data-driven approach to sharing actionable insights with internal stakeholders. This agreement marks an expansion of Akur8's presence in the U.S. personal and commercial insurance marketplace.

Developed explicitly for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for the P&C insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting.

“Akur8 is thrilled to partner with Ohio Mutual and to empower their pricing team with our cutting-edge Risk and Rate modeling solution. Joining forces with a well-established mutual insurance company in the world’s largest insurance market is another key milestone in our development trajectory. This collaboration underscores the desirability of Akur8's solution for a wide variety of stakeholders in the insurance market,” stated Samuel Falmagne, CEO at Akur8. 

“Our strategic partnership with Ohio Mutual is a further demonstration of the robustness and attractiveness of Akur8’s solution for mutual insurance companies in the U.S. market, and we are excited to build upon this partnership as we continue to expand within the U.S., ” noted Brune de Linares, Chief Client Officer at Akur8. 

Susan Kent, VP & Chief Analytics Officer at Ohio Mutual, shared insights into the company's selection of Akur8, stating, "We anticipate that Akur8 will significantly enhance our rate review process, helping to shift it to a more holistic, data-driven approach. The user-friendly and intuitive interface also is expected to facilitate quick learning among our users."

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ABOUT AKUR8
Akur8 is revolutionizing non-life insurance pricing with Transparent Machine Learning, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control. 

Our modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators. With Akur8, time spent modeling is reduced by 10x, the models’ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%. 

Akur8 already serves 100+ customers across 40+ countries, including P&C global carriers AXA, Generali, Munich Re, Europ Assistance, Tokio Marine and MS&AD; commercial P&C insurers TMNAS, FCCI, NEXT, HDVI and Canal; personal and commercial P&C insurers Cypress, Madison Mutual and Western Reserve Group; and specialty P&C insurers Canopius and Bass Underwriters. Over 900 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8’s strategic partnerships include Milliman, Guidewire, Duck Creek and Sapiens.

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ABOUT OHIO MUTUAL

Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, OH, partners with more than 500 independent agencies to distribute quality property and casualty insurance products throughout Connecticut, Indiana, Maine, New Hampshire, Ohio, Rhode Island, Vermont, and Wisconsin. Ohio Mutual has maintained a rating of “A / Stable” from A.M. Best Co. for 31 consecutive years, and has been named to the Ward’s 50 nine times since 2009.

Additional company information is available at www.omig.com.

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PRESS CONTACTS

Heide Sacher

Head of Marketing for US

AKUR8

908-977-6526

heide.sacher@akur8.com 

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Todd Boyer

VP Corporate Communications

Ohio Mutual Insurance Group

419-563-0664

tboyer@omig.com‍