Akur8 has announced a strategic partnership with Ohio Mutual Insurance Group, one of the premier insurers in the United States.
According to reports, Ohio Mutual’s adoption of Akur8’s Risk and Rate modeling solution will streamline predictive modeling processes, improve rate reviews, and promote a data-driven approach to actionable insights within the organization.
The partnership aslo marks a significant expansion of Akur8’s presence within the U.S. personal and commercial insurance landscape. Ohio Mutual’s decision to integrate Akur8’s Risk and Rate Modeling Solution reflects its commitment to advancing pricing capabilities across both personal and commercial lines of business.
Akur8’s solution, specifically tailored for insurers, introduces a proprietary machine-learning technology that revolutionises pricing processes. Key benefits for the Property and Casualty (P&C) insurance marketplace include expedited model building, transparent Generalized Linear Model (GLM) outputs, and a data-driven underwriting approach.
“Akur8 is thrilled to partner with Ohio Mutual and to empower their pricing team with our cutting-edge Risk and Rate modeling solution. Joining forces with a well-established mutual insurance company in the world’s largest insurance market is another key milestone in our development trajectory. This collaboration underscores the desirability of Akur8’s solution for a wide variety of stakeholders in the insurance market,” stated Samuel Falmagne, CEO at Akur8.
“Our strategic partnership with Ohio Mutual is a further demonstration of the robustness and attractiveness of Akur8’s solution for mutual insurance companies in the U.S. market, and we are excited to build upon this partnership as we continue to expand within the US, ” noted Brune de Linares, Chief Client Officer at Akur8.
Susan Kent, VP & Chief Analytics Officer at Ohio Mutual, shared insights into the company’s selection of Akur8, stating, “We anticipate that Akur8 will significantly enhance our rate review process, helping to shift it to a more holistic, data-driven approach. The user-friendly and intuitive interface also is expected to facilitate quick learning among our users.”
Author: Joanna England
