Automate production-ready insurance pricing GAM/GLMs
Akur8 injects game-changing speed and accuracy to an insurer’s pricing process, allowing actuaries and pricing teams to build highly predictive models in record time, while maintaining full transparency, auditability and control over the models created.
Benefit from the efficiency of an end-to-end pricing solution
Akur8 supports pricing experts at every step of the pricing process, generating significant efficiency. From data processing and visualization to exporting final models, Akur8 provides a comprehensive modular approach to pricing built around three main modules:
1. Risk - to build technical models and pure premiums
2. Demand - to build behavioral conversion and retention models and measure price elasticity
3. Rate - to iterate on rate plans (commercial premiums) and run portfolio analyses
Deploy our modular SaaS solution across your pricing value chain
Compute your pure premiums harnessing the power of machine learning
Generate, select, adjust, enrich and aggregate your risk models to build pure premiums faster, leveraging machine learning to focus on tasks where your business expertise can add even more value.
Capture demand and price sensitivity based on behavioral and competitor data
Go one step further along the pricing sophistication journey by answering the question “How likely is this prospect to buy my insurance product if I offer them this price?” Improve your demand analysis by modeling propensity to buy and price elasticity separately, generating insightful and actionable models that can also leverage external competitor data and geographical analysis.
Build the best rate plan (commercial premiums) and make well-informed pricing decisions
Build your rate plan from data to production. Make the best and most informed pricing decisions by leveraging Risk and Demand modules and advanced reporting capabilities in your models.
Highly collaborative with continuous updates and enhancements, backed with real-time support
Akur8 is opening APIs to empower insurers to generate even more value and ease integration across their complex, existing IT systems landscape. Users are able to call Akur8 APIs from their own Python scripts with minimal set up across a wide range of use cases, including: uploading databases, reusing database formatting, launching grid searches, enriching a GLM with interactions and geography, exporting rates and predictions, duplicating a risk project on a new database and more!
Backed with real-time, real-person support
Akur8 provides high quality support from our actuarial and data science teams, from pilot stage all the way to implementation and daily use. We back you up every day. You can access our chat from anywhere on the platform and contact Akur8’s team of actuaries and data scientists. Our team is always happy to answer any questions you have about our software!
The Akur8 platform is accessible to an unlimited number of users, not only facilitating collaboration, but also boosting pricing teams’ upskilling and efficiency. Users can work on different project spaces. Collaboration is made easier by a number of features including the ability to comment on models, leave messages to other users, share specific views of the models, etc.
Our data science and development teams deliver new features and product updates every month, allowing our clients to automatically benefit from the latest releases. We also strongly encourage and receive client feedback and product improvement suggestions.
User-friendly with a fast ramp-up
The learning curve on the Akur8 platform is extremely fast. Newcomers in your team will quickly learn and become familiar with it. Our platform also provides your company with more security and sustainability as all models and historical edits are documented, spreading knowledge evenly across team members. Should an employee leave, none of your key processes or data will be lost.
Frequently Asked Questions
Can your solution be adapted for my team?
Akur8 adapts to all insurance pricing teams, small or large, with different experience levels. The solution is designed for business users, and no coding skills are required! It allows for a fast ramp-up and is collaborative by design, so junior team members and newcomers will become proficient in a short time..
My team has become accustomed to our current process. Won’t we lose time learning a new platform?
Ramping up on Akur8 is fast thanks to its intuitive and friendly user interface (UI). Once you’ve tried it, you will not want to go back!
How will Akur8 bring additional value vs. my current process?
We offer a free pilot so you can directly compare our solution and its performance with your current process and modeling tool.
Is Akur8 relevant for all lines of business?
Akur8 is deployed around the world across all non-life lines of business. This includes P&C and health - whether personal, commercial or specialty lines - all the way to pet insurance. It is used on a daily basis by large international insurers as well as insurtechs and MGAs. It is equally efficient on small and large data sets, so reach out and see for yourself!
Does Akur8 cover the pricing process end-to-end? Will I encounter compatibility issues with other tools, such as my rating engine?
Akur8 has a very broad scope, from data ingestion to scenario testing to building commercial premiums / rating plans. Akur8 outputs come in a wide range of formats and are compatible with most downstream tools and rating engines. Akur8 is also API-enabled, to facilitate integration with your pricing pipeline.