The new partnership marks Akur8’s expansion in Germany, a key growth market, but also reinforces its position in the burgeoning personal lines market across Europe.
By incorporating Akur8’s comprehensive platform, encompassing the RISK, DEMAND, and RATE modules, into their insurance pricing workflow, Freeyou Insurance AG also aims to fortify its competitive edge. The move will deliver enhanced value to policyholders through optimal pricing structures.
The news follows on from Akur8’s announcement earlier this month, that it was partnering with Ohio Mutual Insurance Group, one of the premier insurers in the United States.
Freeyou Insurance AG, founded in 2018, specialises in digital insurance, focusing on auto and personal possessions coverage. The company’s mission centres on simplifying the insurance experience, making it digital, intelligent, and hassle-free for customers grappling with paperwork and convoluted insurance language.
The product portfolio offered by Freeyou Insurance AG spans motor insurance, items and repair cost insurance, as well as extended warranties. Akur8’s solution, tailored explicitly for insurers, enhances pricing processes through a cloud-based, fully integrated insurance pricing platform. Key advantages for the Property and Casualty (P&C) insurance marketplace include expedited model building, transparent Generalised Linear Model (GLM) outputs, and data-driven underwriting.
Speaking about the new collaboration, René Jansen, Chief Insurance Officer (CIO), at Freeyou Insurance AG, said: “We are excited about the possibilities that Akur8’s pricing platform brings to our actuarial processes. This partnership aligns with our commitment to innovation and reinforces our position as a forward-thinking insurance provider.”
“The insights generated based on our own data during the pilot project have convinced us of the high quality of the platform, and all that with a very low time investment,” commented Thomas Zehe, Chief of Staff and Actuarial Department, at Freeyou Insurance AG.
Samuel Falmagne, CEO at Akur8 said,“We are honoured to collaborate with Freeyou Insurance AG, a company known for its customer-centric approach and its transparent products. Our comprehensive platform is designed to empower insurers like Freeyou Insurance AG to navigate the complexities of the insurance landscape with precision and agility.”
Julian Frank, Client Director DACH & CEE at Akur8, added: “Throughout the pilot that we have run together we were extremely impressed by the technical capabilities of the Freeyou Insurance AG pricing team. The Freeyou Insurance AG team has consistently demonstrated their ability to collaborate in an agile and pragmatic manner, which gives us great confidence that this will be an outstanding partnership in the German market.”
Author: Joanna England
