Milliman-Akur8, strategic alliance “Propose next-generation rate calculation model for insurance companies”

Akur8, the next-generation premium calculation solution, and Milliman, a global premium actuarial consulting firm, are a business agency that performs underwriting review, damage assessment, and insurance payment on behalf of P&C (property & casualty) insurance companies, startups, and MGA (insurance companies). ) announced that it has formed a strategic alliance to support the next generation’s ability to calculate insurance premiums.

Using a differentiated cloud platform, Akur8 combines machine learning algorithms with Transparent AI™ and automates the insurance premium modeling process to maintain the full transparency and interpretability presented by the model. Akur8 provides an end-to-end rate calculation function for P&C insurers, MGAs, and startups, and complies with the International Accounting Standards (ASOP). It also covers services that automate the creation and submission of documents submitted to regulatory authorities in 50 US states.

“Akur8 is an innovative company that is changing the landscape of premium calculation software,” said Sheri Scott, senior actuarial consultant at Milliman. support it,” he said.

Through this partnership, Milliman and Akur8 will combine actuarial and risk expertise with groundbreaking AI premium calculation software to revolutionize the pricing process for P&C insurers worldwide. By combining Akur8’s technology and Milly’s expertise, P&C insurers of all sizes and geographies can improve end-to-end billing efficiency and rate-setting staff, speed up market entry, and simultaneously improve modeling accuracy, internal governance, and compliance. It is expected to be able to secure a scalable solution to

“Milliman understands how important it is to deliver the best insurtech innovations to support our clients’ transformation journeys,” said Richard Lord, Global Head of P&C Milliman. , MGA, and startups will be able to benefit from world-class actuarial services and solutions along with advanced operational technologies.”

Samuel Falmagne, Chief Executive Officer of Akur8, said, “We are delighted to partner with Milliman. I can present it,” he said.

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