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AAIS and Akur8 Partner to Revolutionize Predictive Modeling in P&C Insurance

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by Caitlyn Jones
November 22, 2024
AAIS and Akur8 Partner to Revolutionize Predictive Modeling in P&C Insurance

The American Association of Insurance Services (AAIS) has established a promising partnership with Akur8 to enhance predictive modeling capabilities within the Property and Casualty (P&C) insurance sector. Akur8, recognized for its innovative insurance pricing and reserving solutions, employs transparent machine learning to refine insurers’ pricing methods. This collaboration aspires to elevate the quality of predictive modeling by harnessing Akur8’s unique machine-learning technology, which offers significant benefits such as accelerated model building, clear Generalized Linear Modeling (GLM) outputs, and data-driven underwriting.

As a prominent not-for-profit advisory organization in the P&C insurance industry, AAIS has integrated Akur8’s Core Solution to deliver top-tier solutions for their members. The partnership has received endorsement from notable leaders within both organizations, emphasizing their dedication to driving innovation and progress in the sector. Sam Falmagne, CEO of Akur8, highlighted the importance of partnering with such a reputable industry organization, underscoring Akur8’s position as a leading supplier of modern pricing and modeling technologies. Brune de Linares, Akur8’s Chief Client Officer, mentioned the collaboration’s capacity to advance pricing procedures for insurance carriers.

Michael Payne, Chief Pricing Actuary of AAIS, voiced his excitement about incorporating Akur8’s Core Platform Solution into AAIS’s predictive modeling framework. He stressed the necessity of creating a dependable, comprehensive process that features enhanced visualizations and built-in reports to expand the successful application of predictive models. Payne exhibited strong confidence in Akur8’s ability to meet and surpass AAIS’s expectations, reflecting the positive outlook shared by both entities.

In summary, this collaboration signifies a major milestone toward improved predictive modeling in the P&C insurance landscape, heralding advancements in pricing methods and reinforcing the commitment to state-of-the-art, data-driven approaches. The partnership fosters a unified strategy to leverage machine learning for actuarial functions, highlighting the potential for profound, industry-wide repercussions.

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