TL;DR:
- Akur8 partners with SGI CANADA to transform insurance pricing in Canada.
- Akur8’s transparent machine learning approach enhances SGI CANADA’s property and casualty insurance pricing.
- The collaboration expedites modeling processes, improves predictive accuracy, and reduces loss ratios.
- Akur8 serves over 100 clients globally and is known for transparent AI technology.
- SGI CANADA, a leader in five Canadian provinces, embraces innovation for streamlined modeling.
- The partnership promises improved risk modeling and pricing comprehension.
Main AI News:
In a groundbreaking move within the insurance sector, Akur8, the trailblazing insurance pricing solution powered by transparent machine learning, has announced a strategic partnership with SGI CANADA, a prominent player in the property and casualty insurance landscape across five Canadian provinces. Their shared objective? To elevate the insurance pricing process to unprecedented heights.
This dynamic partnership is poised to revolutionize SGI CANADA’s insurance pricing methodology by integrating Akur8’s cutting-edge RISK module for property and casualty lines. It underscores the unwavering commitment of both entities to harness state-of-the-art technology for the betterment of insurance pricing in the Canadian market.
At the forefront of innovation, Akur8 pioneers the insurance pricing realm with its transparent machine learning approach. The company’s modular pricing platform seamlessly automates both the technical and commercial aspects of premium modeling. With Akur8’s technology in their arsenal, insurers can expedite their modeling procedures, achieve heightened predictive precision, and unlock potential enhancements in their loss ratios. Impressive in its global reach, Akur8 currently serves over 100 clients spanning 40 countries.
SGI CANADA, the distinguished brand representing the property and casualty insurance sector of Saskatchewan Government Insurance (SGI), operates across five Canadian provinces, offering a diverse array of insurance products under its own banner and as Coachman Insurance Company in Ontario. Through a vast network comprising 346 broker partners, SGI CANADA ensures a robust presence across more than 1,600 locations nationwide.
SGI CANADA has taken a significant step towards innovation by seamlessly incorporating Akur8’s RISK module into its operations, guaranteeing a more streamlined, transparent, and comprehensible modeling process.
Akur8’s platform, celebrated for its transparent artificial intelligence technology, bestows insurers with numerous advantages, including heightened predictive performance, accelerated speed-to-accuracy, and complete transparency and control over the models they create.
Samuel Falmagne, CEO of Akur8, expressed his enthusiasm, stating, “We are thrilled to welcome SGI CANADA and provide them with our cutting-edge pricing platform. Recent enhancements to our product and the development of new features demonstrate its profound alignment with insurers’ requirements. Our commitment to bolstering Akur8’s global presence is underscored, with Canada occupying a pivotal role in our journey.”
Brune de Linares, Chief Client Officer at Akur8, added, “Initiating this collaboration with SGI CANADA marks a monumental milestone for Akur8. We take immense pride in welcoming a new client of such stature within the Canadian market and synonymous with Saskatchewan. This alliance further solidifies our foothold in North America among property and casualty insurers, as Akur8 stands ready to cater to actuaries’ needs across all lines of business.”
Joshua Snow, VP of Pricing at SGI CANADA, shared his perspective, stating, “Akur8’s pricing solution is poised to significantly reduce our model-building timeline. Furthermore, we will harness the wealth of available data by leveraging Akur8’s approach to credibility and penalized regression. Selecting the right tool is pivotal to our growth strategy in other provinces and will ultimately elevate our risk modeling and pricing comprehension.”
Conclusion:
The partnership between Akur8 and SGI CANADA signifies a major step forward in the insurance pricing market. By leveraging Akur8’s cutting-edge technology, SGI CANADA aims to streamline its modeling processes and enhance pricing accuracy. This collaboration showcases how the insurance industry is embracing innovation to drive efficiency and improve risk modeling, which is likely to set a precedent for similar partnerships in the market.
