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US-based Georgia Farm Bureau Mutual Insurance coverage Firm has tapped insurtech firm Akur8 to implement its insurance coverage pricing answer.
The insurer will leverage Akur8’s Core Platform answer to develop explainable insurance coverage pricing fashions tailor-made for the business.
Akur8’s proprietary ML know-how is designed to streamline pricing processes, providing advantages comparable to quicker mannequin constructing and clear outputs.
Established in 1959, Georgia Farm Bureau Mutual Insurance coverage offers an array of insurance coverage merchandise together with farm insurance coverage and different strains of insurance coverage throughout Georgia.
The collaboration with Akur8 is anticipated to boost the corporate’s pricing capabilities and data-driven underwriting, bolstering its place within the property and casualty (P&C) insurance coverage market.
Georgia Farm Bureau actuary and supervisor of price growth Steven Reslie mentioned: “Our workforce actually values the pace of mannequin creation and iteration, transparency and ease of reporting that Akur8’s Core Platform answer offers.
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“Having the ability to overview the indicated vs. predicted after which make a choice is one thing within the present pricing course of that Akur8 helps make much more environment friendly. We additionally love that if a member of our workforce ever runs right into a roadblock, Akur8’s dwell help is all the time there to assist us resolve any points that come up.”
Akur8 CEO Samuel Falmagne mentioned: “We’re thrilled to workforce up with Georgia Farm Bureau Mutual Insurance coverage Firm and empower their pricing workforce to streamline predictive modelling with a extra information pushed strategy, whereas additionally sharing actionable insights with key stakeholders.
“This partnership exemplifies the significance and attractiveness of Akur8’s answer for regional insurance coverage suppliers inside the mutual insurance coverage market within the US.”
The most recent transfer by the Georgia-based insurer follows current partnerships between Akur8 and different insurance coverage firms.
Final week, MGS Seguros in Spain additionally adopted Akur8’s pricing answer for its P&C insurance coverage phase.
Moreover, Mapfre, one other key Spanish insurer, chosen Akur8’s know-how final month to enhance its pricing methods.
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