Open Lending Partners with Akur8 to Enhance Automotive Lending Solutions
Open Lending Partners with Akur8 to Enhance Automotive Lending Solutions
Open Lending Corporation has partnered with cutting-edge insurance pricing solution provider, Akur8. 
Akur8

By integrating Akur8’s innovative predictive insurance pricing models with its proprietary Lenders Protection platform, Open Lending seeks to fortify its capabilities in identifying borrower risk and offering personalised automotive loans. 

Akur8’s expertise in generating swift and precise insurance pricing models complements Open Lending’s existing risk assessment framework, which boasts the ability to analyse two million borrower risk profiles and render decisions in under five seconds.

This collaboration equips Open Lending’s customers with enhanced agility to adapt to the evolving market landscape, enabling them to seize competitive pricing opportunities and explore higher-yield prospects while expanding their automotive lending portfolios securely.

https://www.insurtechinsights.com/europe/

The challenge of vehicle accessibility persists, particularly among near- and non-prime borrowers, as highlighted in Open Lending’s 2024 Vehicle Accessibility Report. According to the report, 25% of this demographic paid over $600 monthly for a used car purchased in 2023, a significant increase from the 8% recorded between 2020 and 2022.

In response to this trend, financial institutions are increasingly turning to advanced data-driven decision-making processes to effectively identify borrower creditworthiness while managing risk and optimizing return on assets. 

 “As economic uncertainty persists, we are confident Akur8 will further enhance our ability to provide lenders with the tools and insights necessary to support historically underserved near- and non-prime borrowers,” said Open Lending’s Chief Revenue Officer Matt Roe. “The addition of Akur8’s predictive modeling expertise to our over 20 years of industry experience and AI-powered Lenders Protection™ solution will allow our customers to address market dynamics faster and more effectively meet the ongoing needs of today’s borrower. This partnership also furthers our mission to expand vehicle access to more deserving borrowers and, in doing so, help our clients unlock new revenue opportunities.”

“We are thrilled to use our extensive knowledge of the insurance industry, regulatory compliance, and advanced technological solutions to bring fair decisioning processes to the automotive lending field through our work with Open Lending,” said Brune de Linares, Akur8’s Chief Client Officer.

He added: “We are committed to applying our background in machine learning transparency and ethical use of data to help automotive lenders serve borrowers with greater confidence, clarity, and efficacy.”

Share this article:

APPLY TO SPONSOR

Gain access to the most senior audience of insurance executives, entrepreneurs, and investors. We offer a wide range of opportunities for you to engage with our attendees from networking to thought leadership.

Sponsorship packages provide a wide range of opportunities developed for almost any budget and are designed to help achieve your branding, networking, and/or thought leadership goals.