TL;DR:
- Akur8 partners with Quincy Mutual Group, a respected US mutual insurance company.
- Quincy Mutual adopts Akur8’s Core Platform to enhance pricing processes.
- Akur8’s solution accelerates model building, offers transparent GLM outputs, and promotes data-driven underwriting.
- Quincy Mutual’s Chief Actuary highlights the transformational benefits of the partnership.
- Quincy Mutual, with a strong legacy and A+ rating, continues to innovate for its customers.
Main AI News:
In a significant move within the US mutual insurance sector, Akur8, a leading insurance pricing solution driven by transparent machine learning, has entered into a promising partnership with Quincy Mutual Group. Quincy Mutual, renowned as one of the oldest and most respected regional mutual insurance companies in the United States, offers an extensive array of insurance products catering to the property and liability needs of individuals and businesses.
Quincy Mutual has made a strategic decision to adopt Akur8’s comprehensive Core Platform solution, aimed at empowering their actuarial team. With this innovative solution, Quincy Mutual aims to expedite the development of comprehensive models, integrate model testing into their pricing processes, enhance rate evaluations, and embrace a more data-driven approach to deliver valuable insights to their internal stakeholders.
Developed exclusively for insurers, Akur8’s solution revolutionizes pricing processes by harnessing proprietary machine-learning technology. The primary advantages it brings to the Property and Casualty (P&C) insurance marketplace include accelerated model building, transparent Generalized Linear Model (GLM) outputs, and data-driven underwriting.
Samuel Falmagne, the CEO of Akur8, expressed his enthusiasm about this collaboration, stating, “The Akur8 team is thrilled to partner with Quincy Mutual Group and provide them with our Core Platform solution to empower their pricing team. Collaborating with such a well-established and reputable mutual insurance company like Quincy signifies the continued growth of Akur8 within the US mutual insurance market.“
Brune de Linares, Chief Client Officer at Akur8, added, “Our partnership with Quincy Mutual underscores the strength of Akur8’s solution for insurance companies of all sizes and across all lines of business in the US We look forward to building a robust alliance with Quincy Mutual as part of our ongoing expansion efforts in the US.”
Founded in 1851, Quincy Mutual has steadfastly adhered to its mission of providing high-quality products and services to its policyholders. The company holds an A+ rating from A.M. Best, a distinction it has maintained for over six decades. Quincy Mutual offers a wide range of personal home and auto insurance coverages, along with commercial auto, business owner’s insurance, and umbrella insurance. Committed to upholding the integrity and values it has cultivated over the past century, Quincy Mutual continues to adopt innovative solutions such as Akur8 to offer the best service to its customers.
Todd Lehmann, Chief Actuary at Quincy Mutual, emphasized the benefits of this partnership, stating, “Teaming up with Akur8 and utilizing their Core Platform is a win-win scenario for us. It has empowered our pricing team to transform their prior rate review process, shifting to a more data-driven approach, while also increasing our overall speed to market and streamlining complex ratemaking and modeling tasks.”
Conclusion:
The partnership between Akur8 and Quincy Mutual Group represents a significant advancement in the US mutual insurance sector. By embracing Akur8’s machine learning-powered solution, Quincy Mutual is poised to enhance its pricing strategies, streamline processes, and leverage data-driven insights. This collaboration reflects the industry’s increasing reliance on innovative technology to drive efficiency and competitiveness in the insurance market.
