The collaboration is set to streamline the development of high-performing, explainable pricing models, improving efficiency and accuracy in pricing decisions.
Akur8’s platform, designed specifically for the insurance industry, combines advanced machine-learning technology with transparent Generalised Linear Model (GLM) outputs to create faster, more reliable models. By leveraging this technology, Farm Bureau Insurance Company of Idaho aims to strengthen its data-driven underwriting practices while maintaining its commitment to exceptional service.
“We’re excited to partner with Akur8 and implement their machine learning and predictive analytics capabilities into our pricing process,” said Jay Call, Director of Actuarial at Farm Bureau Insurance Company of Idaho. “Combining different model types to estimate the true financial impacts of rate changes, along with leveraging geographic insights, will enhance our team’s efficiency and accuracy, empowering us to deliver better, more informed pricing decisions.”
Samuel Falmagne, CEO of Akur8, expressed enthusiasm for the partnership, stating, “We are thrilled to team up with Farm Bureau Insurance Company of Idaho and deepen our connections with other Farm Bureau carriers. Our advanced AI-powered solution will enhance their pricing team’s capabilities, enabling a more predictive and data-driven approach, without compromising their tradition of exceptional service and support.”
Brune de Linares, Chief Client Officer at Akur8, emphasised the broader implications of the collaboration. “Our work with Farm Bureau Insurance Company of Idaho reinforces Akur8’s position as a trusted solution for insurance companies across all lines of business. This partnership demonstrates the significant value we’ve delivered to Farm Bureau companies, and we look forward to achieving even more together.”
By integrating Akur8’s machine-learning technology, Farm Bureau Insurance Company of Idaho is poised to modernise its pricing strategies and maintain its leadership in the property-casualty insurance market.
