The strategic partnership marks a pivotal moment in the insurtech industry as hyperexponential’s pricing decision intelligence (PDI) platform, hx Renew, seamlessly integrates with Akur8’s innovative Transparent Artificial Intelligence technology.
According to reports, the integration empowers insurers with a fully automated, data-driven system designed for precise and efficient pricing of commercial and specialty insurance products.
Insurers leveraging the collaboration are now able to incorporate rating factors calibrated in Akur8 into their pricing models within hx Renew. The dynamic rating factors are then fine-tuned based on additional data and insights from underwriters, creating a robust and adaptable pricing decision framework. The data is enriched by claims information, and is transmitted back to Akur8, facilitating continuous recalibration of the rating factors.
The key advantage of this partnership lies in the establishment of a robust data pipeline from hx Renew and other core systems into Akur8, forming a tightly integrated feedback loop. This loop, connecting claims paid, exposures underwritten, and the accuracy of rating factors, ensures a highly responsive and adaptive pricing model.
Akur8’s proprietary Transparent Artificial Intelligence technology streamlines rate making and elevates pricing processes, offering insurers enhanced predictive performance and accelerated speed-to-accuracy.
“We’re delighted to partner with hyperexponential. We not only provide complementary tools across the value chain, we also share the same values: pushing boundaries while deeply supporting customers. This partnership will allow us to better address the needs of a specific market with a common goal: empowering specialty and commercial insurers to make truly data-driven decisions,” said Samuel Falmagne, CEO at Akur8.
“Many of the insurers we work with have two key challenges. First – they are leaving money on the table by relying on outdated pricing practices, and second – managing the integration burden of a significant transformation initiative. Through our partnership with Akur8 we are targeting a material improvement to our customer’s combined ratios, whilst reducing the burden on IT and the business.” said Richard Gunn, Chief Revenue Officer at hyperexponential.
Join Akur8 in Hong Kong at Insurtech Insights Asia 2023
Join leaders from Akur8 at Asia’s largest insurtech conference, Insurtech Insights Asia 2023. at the Kerry Hotel in Hong Kong, on December 6-7th.
Author: Joanna England