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MGS Seguros has partnered with insurtech firm Akur8 to implement its pricing resolution for property and casualty (P&C) insurance coverage in Spain.
This transfer is anticipated to empower the actuarial and pricing groups at MGS Seguros by enabling them to develop ‘explainable’ pricing fashions for auto and residential insurance coverage merchandise.
Akur8’s resolution leverages machine studying to automate danger modelling, aiming to reinforce decision-making for pricing groups.
It’s tailor-made to help insurers in honing their pricing methods.
The expertise vendor highlighted that the automation of danger modelling via machine studying permits extra knowledgeable pricing choices.
With the answer, insurers stand to realize from improved predictive efficiency and sooner accuracy, which interprets to heightened market responsiveness and instant enterprise influence, the seller additional famous.
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Akur8 CEO Samuel Falmagne mentioned: “We’re proud to additional strengthen our presence in Spain, as this demonstrates each our capacity to satisfy insurers’ wants and the truth that our resolution is establishing itself available in the market as a benchmark of excellence within the pricing course of.”
MGS Seguros head of pricing Daniel Vila mentioned: “Through the pilot part, we have been impressed by the effectivity of the Akur8 platform and its capacity to satisfy our wants. We have been capable of import a considerable amount of information, create fashions for every protection of our auto merchandise, in an iterative and really agile method, and choose one of the best mannequin in a brief time frame.
“We saved a substantial period of time all through the method, attaining a really environment friendly execution.”
Final month, one other Spanish insurer, Mapfre, additionally selected Akur8 to advance its pricing capabilities.
These partnerships are reinforcing Akur8’s footprint in Spain.
In the meantime, in September 2023, Akur8 secured $25m (€23.08m) in funding, with contributions from FinTLV, Guidewire Software program and BlackFin Capital Companions.
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