TL;DR:
- Akur8 partners with Ohio Mutual Insurance Group for insurance pricing solutions.
- Ohio Mutual aims to enhance pricing capabilities with Akur8’s technology.
- The partnership focuses on streamlining predictive modeling and adopting data-driven insights.
- Akur8 specializes in property and casualty (P&C) insurance pricing with machine learning.
- This collaboration expands Akur8’s presence in the U.S. insurance market.
Main AI News:
In a bold move that is set to reshape the landscape of insurance pricing, Akur8, a trailblazer in next-generation insurance pricing solutions powered by transparent machine learning, has unveiled a strategic partnership with Ohio Mutual Insurance Group. This strategic alliance is poised to revolutionize Ohio Mutual’s pricing capabilities, ushering in a new era of efficiency and data-driven insights in the U.S. personal and commercial insurance market.
At the heart of this game-changing partnership is Akur8’s cutting-edge Risk and Rate modeling solution. Ohio Mutual is embracing this transformative technology to streamline predictive modeling, elevate its rate review processes, and embrace a comprehensive data-driven approach. The ultimate goal is clear: to solidify Ohio Mutual’s presence and prominence in the highly competitive U.S. insurance landscape.
Akur8, renowned for its pioneering machine-learning technology, specializes in optimizing pricing processes for the property and casualty (P&C) insurance sector. Their innovative approach offers an array of advantages, including accelerated model development, transparent Generalized Linear Model (GLM) outputs, and data-driven underwriting strategies.
This strategic collaboration marks a significant milestone for both Akur8 and Ohio Mutual. For Akur8, it signifies a strategic expansion into the U.S. insurance market, affirming the adaptability and appeal of its solutions. Susan Kent, Ohio Mutual’s VP & Chief Analytics Officer, expressed her enthusiasm for the partnership, noting, “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.”
Samuel Falmagne, CEO at Akur8, underscored the significance of this collaboration, stating, “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.”
Conclusion:
The strategic alliance between Akur8 and Ohio Mutual signifies a significant step forward in the insurance pricing sector. By leveraging Akur8’s advanced technology, Ohio Mutual is poised to enhance its pricing processes and become more data-driven, ultimately strengthening its position in the competitive U.S. insurance market. This partnership reflects the growing demand for innovative solutions and the importance of data-driven approaches in the insurance industry.
