Akur8's 2023 Annual Report
Shaping Next-Generation Insurance Pricing
OUR MISSION
Samuel Falmagne
CEO at Akur8
EDITORIAL
Samuel Falmagne
CEO at Akur8
2023 was a pivotal year for Akur8. In an industry shaken by inflation, regulatory changes and the lingering aftermath of a global pandemic, Akur8 remarkably stood out and continued to grow (+100% YoY), while helping insurers to quickly adapt to today’s changes and address the insurance pricing challenges of tomorrow. In this fast-paced environment, Akur8 has succeeded in securing an exceptional position in the insurance ecosystem worldwide.
While Akur8 is an international company by design, we became a true global company in 2023. We solidified our presence this year in the United States and Japan, two key strategic markets for Akur8, and continued our growth in both established and new territories. Our client support service now covers all time zones and provides help to customers in more than 20 different languages.
2023 was also a year of renewed trust from investors and industry leaders, and I can confidently state that Akur8 is now a firmly established industry player. We closed a new investment round of $25 million, bringing our total funding to more than $60 million. This new round of funding is supported by Akur8’s previous investor BlackFin Capital Partners, as well as by the iconic insurtech investors FinTLV Ventures and Guidewire.
As this new year begins, we have all the assets we need to make 2024 an even better year. The Akur8 team is more committed than ever to taking the company even further, while maintaining the quality and innovation of our product and customer support, which are and will remain our distinctive strengths.
“I don’t think there has ever been in my whole career a time of greater change in the insurance industry. Changes in economics, climate, available data, technology and customer behaviours, are all transforming our ways of working, what we need to cover and how we can cover it. This affects every aspect of insurance pricing: the tools we use, the products we develop, the speed we need to move, and the way we communicate with customers and our own teams. Akur8 can empower the actuaries of the future, allowing them to concentrate on more strategic, more complex, more interesting problems. By doing the heavy lifting and suggesting new paths to explore, Akur8 creates new opportunities for actuaries.”
Charlotte Halkett, Senior Consultant at Milliman
STATE OF BUSINESS
A strong global footprint
Our cloud-based, machine learning native solution provides an unmatched user experience to actuarial and pricing experts worldwide. Since our launch in 2018, we have empowered the pricing teams of over 130 insurance carriers globally, half of which were signed in 2023.
This year also demonstrated the market's exceptional faith in us, with new investors and key partners joining the Akur8 ecosystem.
"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.”
Gil Arazi, Managing Partner at FinTLV
Brune De Linares
Chief Client Officer at Akur8
“
In a challenging economic landscape, Akur8 achieved an incredible feat by doubling its customer base, securing alliances with prestigious clients like Tokio Marine and MAPFRE, and expanding its partnerships with longstanding clients including AXA and MS&AD.
Our customers
.avif)
.png)
.png)
.png)
Our partners
OUR PRODUCT
The next generation insurance pricing solution
Akur8 is revolutionizing non-life insurance pricing with our cloud-based, fully integrated platform. We enhance actuarial capabilities with our user-friendly, machine learning native solution, built on cutting-edge technology.
Our software empowers insurers to price at unprecedented speed, directly influencing financial outcomes and enhancing risk assessments. Insurers will be able to navigate the dynamic, highly competitive market with unwavering confidence.
"Akur8 is in the right place, at the right moment, as pricing is now part of insurers’ strategic topics. Akur8 is not only a technical partner for actuaries: it offers a common language to all carriers stakeholders. If an insurer wants to improve time to market, achieve modeling transparency, and take data-driven, collaborative decisions, Akur8 is a must have solution."
José María Castelo Marín, Independent Board Member and President of the Audit Committee at IMA Ibérica Asistencia and Senior Advisor at Akur8.
Our fully integrated SaaS solution
prepare your data.
premiums.
make decisions.
.png)
rating.
.webp)
.webp)
We are excited to announce the upcoming release of our first optimization module, catering to the needs of our most sophisticated customers in the EU market. Additionally, our team has started building a Pricing Engine to complement our existing solution to simplify processes and streamline workflows, enhancing efficiency and agility.
Joanna Chardon
Chief Strategy and Product Officer at Akur8
”The richness and complexity of data available to pricing teams is much broader than it was even a few years ago. The future of the profession will be to collect and clean enormous amounts of data to then apply Machine Learning enhanced traditional actuarial techniques to it. Tomorrow’s actuaries will be able to use data in a bolder, more clever way than ever.”
Leonardo Felician, Chief Executive Officer at BeRebel
OUR PEOPLE
Our essence lies in our team
Akurians are not just part of the company, they embody our very spirit. Their skills, dedication, and innovative approaches have propelled us to where we are today, and will undoubtedly make us a key player in the future of the industry. This is why our People team relentlessly works to make Akur8 an exceptional employer.
2023 was indeed a big year for Akur8 on the People side: it marked the establishment of our new office in Tokyo, the relocation of our Parisian office, the onboarding of our new CTO, and the initiation of dozens of new initiatives aimed at fostering a more welcoming, inclusive and sustainable company environment.
Our DNA
We challenge
the unbearable status quo
We strive for innovation and for the transformation of the insurance industry. But we command change only when it is needed and has genuine virtuous impact.
We disrupt the known,
organize the unknown
We work without borders. We have the ability to challenge ourselves to adapt to unknown scenarios, in all kinds of contexts. We thrive in structuring what is hardly structurable.
We are AI-driven
but refreshingly human
Akur8 is an artificially-intelligent solution but humanity always comes first, within our team, with our clients and with our solution. Our AI is Transparent and human-controlled.
We build
things that last
We build long-standing, robust and reliable solutions for new and century-old insurance companies. We are here to stay.
Franck Zerbib
Chief Technology Officer at Akur8
“
Akur8’s team is definitely special too: the company nurtures highly talented individuals, united by a strong international culture that values initiative, collaboration, and mutual respect. Regardless of your background, you have a genuine opportunity to influence the company's future, fostering a remarkable level of engagement and accountability, with a focus on maximizing the value we provide to our customers.
We are very grateful for all of our stakeholders! Many thanks to our esteemed clients and partners, valued investors and of course our amazing team!
You all made Akur8 what it is today: a global company with a concrete, powerful impact on its sector and a reputation of excellence.
Resources
