The news also comes just weeks after the recent announcement that Akur8 has also partnered with Brazil’s Bradesco Seguros, a company under the Bradesco Seguros Group umbrella, specialising in auto and property insurance.

The primary objective of this collaboration is to streamline HDI Seguros Colombia’s pricing process by leveraging Akur8’s proprietary machine learning technology. The partnership is expected to result in faster, more efficient, and transparent rate-making, as well as the development of new models and pricing structures that enhance overall team productivity.

HDI Seguros is leading insurance services in Columbia

HDI Seguros, a leading player in the insurance industry known for its innovative technology and exceptional service, is an integral part of the Talanx Group, a global multi-brand corporation offering financial and insurance services in more than 150 countries. Recognised for its exceptional service and innovative use of technology, HDI Seguros is at the forefront of the insurance business in Colombia, constantly leveraging new technologies to develop cutting-edge products.

Akur8 has developed a unique solution tailored specifically to enhance insurers’ pricing processes. Their proprietary machine learning technology enables accelerated model building, transparent outputs, and data-driven pricing decisions based on general linear models (GLM).

This collaboration not only strengthens the existing relationship between HDI Seguros and Akur8 but also expands Akur8’s presence in Latin America. HDI Seguros will utilise Akur8’s RISK and RATE modules for their property and casualty (P&C) personal and commercial lines. This implementation will enhance HDI Seguros’ modeling accuracy, responsiveness to the market, and establish a new standard in insurance pricing.

Akur8 and HDI Seguros vision in alignment

Diego Romero Medina, the COO of HDI Seguros Colombia, expressed his enthusiasm for the alliance with Akur8, stating that it aligns perfectly with their technological and digital approach. He emphasised that the partnership empowers them to conduct rate-making more efficiently and transparently, build new models, and ultimately set new prices in record time while improving overall team productivity.

Samuel Falmagne, the CEO of Akur8, said: “We are thrilled to announce our collaboration with HDI Seguros in Colombia and we are excited to onboard another entity in Latin America. On behalf of Akur8, we are proud to be the pricing platform chosen two years in a row by HDI and to further improve their insurance pricing capabilities in Colombia.”

Through their strategic partnership, HDI Seguros Colombia and Akur8 are poised to revolutionise the insurance pricing process in Colombia, setting a new standard for efficiency, transparency, and innovation in the industry.

Source: Fintech Global