Have you heard of Akur8? This innovative insurtech start-up is revolutionizing insurance pricing with transparent AI. Its solution allows non-life insurance companies to perform risk modelling process that are 10 times faster while improving model performance, processing more types and volume of data and allowing efficient models governance and collaboration with the different business units.
Created in 2018 in France, the insurtech has completed series fundraising right before the lockdown in March 2020 and has managed to raise 8 million EUR to support its international development. In October, they receive the prize of “Insurtech of the year” by the French competitiveness cluster “Finance Innovation”.
The French start-up has started to sell its SaaS solution in France and has grown on an international scale with approximately 15 international clients (from Europe to America to Japan) and has just announced its latest partnership with the Belgian insurer Yuzzu.
The direct insurer Yuzzu (formerly known as Touring) wants to transform its pricing process for all their lines of business, from automotive to property lines. Akur8’s solution will enable Yuzzu to automate their risk-modeling process, using transparent Artificial Intelligence proprietary technology. The core benefits for Yuzzu include a drastic reduction in modeling time which will greatly accelerate time to market, the production of much more predictive models, while keeping full transparency and control on the created models. This will enable Yuzzu’s actuarial teams to focus on the expert-driven part of the risk modeling process.
By using this innovative pricing solution, Yuzzu will bring substantial added value to their customers, by offering even more personalized and more affordable prices, very much in line with their promise to provide a simple and smooth customer journey while offering affordable policies.
“We are thrilled to accompany Yuzzu along this new journey to empower them with a unique solution to revolutionize their pricing approach, that will allow them to model their risks in a much quicker, safer and more transparent way. As the leading direct insurer in Belgium, Yuzzu is the perfect embodiment of insurers striving to provide their customers with a smooth, simple and seemingless customer journey, very much in line with what we are looking to uphold at Akur8”, says Samuel Falmagne, CEO at Akur8.
“We are delighted to announce our partnership with Akur8, which we believe is an advanced and effective solution in the P&C retail Market for risk modeling. The results we observed during the 2-week pilot, that enabled us to test Akur8 in real-life conditions, were compelling, considering both our prediction indicators and the significant time reduction in risk modeling. Above all, we expect it to be of great value for our customers, with increased personalisation and targeted pricing, contributing to offering them a fair insurance policy”, says François Moyrand, Head of Products, Pricing & Analytics at Yuzzu.