TL;DR:
- Akur8 and Canal Insurance have formed a strategic alliance in the commercial insurance sector.
- Canal Insurance has adopted Akur8’s Risk and Rate modeling solution to enhance its actuarial team’s capabilities.
- The partnership aims to expedite model building, yield transparent outputs, and promote data-driven underwriting.
- Akur8’s modular pricing platform automates technical and commercial premium modeling, reducing time spent and improving predictive power.
- Canal Insurance expects the collaboration to enhance product offerings and speed to market.
Main AI News:
In a groundbreaking move, Akur8, the visionary provider of cutting-edge insurance pricing solutions fueled by transparent machine learning, has joined forces with Canal Insurance Company, a prominent leader in the realm of commercial insurance. This strategic alliance between the two powerhouses signifies a monumental leap forward for both entities within the ever-evolving commercial insurance landscape in the United States.
By embracing Akur8’s state-of-the-art Risk and Rate modeling solution, Canal Insurance is bolstering its actuarial team’s capabilities in constructing comprehensive models and seamlessly integrating them into their pricing process. This collaboration represents another significant stride in Akur8’s relentless expansion throughout the commercial insurance marketplace.
The primary objective of this partnership is to augment and streamline Canal Insurance’s pricing processes. Leveraging Akur8’s proprietary machine-learning technology, purpose-built for insurers, the aim is to accelerate model construction, generate transparent outputs using Generalized Linear Models (GLMs), and foster a data-driven underwriting approach. These pivotal advantages cater specifically to the property and casualty (P&C) insurance marketplace, propelling it forward into a new era of efficiency and precision.
At the forefront of the non-life insurance pricing revolution, Akur8 has harnessed the power of transparent machine learning. Their modular pricing platform automates both the technical and commercial aspects of premium modeling, empowering insurers to calculate adjusted and precise rates in alignment with their business strategies. With Akur8, the time-consuming nature of modeling is reduced tenfold, the predictive capabilities of the models are amplified by an impressive 10%, and the potential for enhancing the loss ratio is significantly boosted by 2-4%.
Meanwhile, Canal Insurance Company, an esteemed A- rated firm according to A.M. Best, has firmly established itself as a trusted provider of insurance services to commercial trucking and specialty transportation insureds for over 80 years. Through carefully chosen professional agents, Canal has consistently delivered exceptional coverage and support to its valued clientele.
The alliance between Akur8 and Canal Insurance is poised to revolutionize Canal’s product offerings and expedite their time-to-market. As articulated by Paul Brocklebank, the president and CEO of Canal Insurance Company, this collaboration will enable Canal’s actuarial team to construct models with unprecedented speed, affording them ample time for rigorous testing and refinement.
Samuel Falmagne, CEO of Akur8, expressed his enthusiasm about this momentous collaboration, stating, “Partnering with a leading property and casualty commercial insurer in the largest insurance market worldwide is a pivotal milestone in our growth trajectory. It unequivocally validates the relevance and appeal of Akur8’s solution for commercial insurance companies across the United States.” Echoing this sentiment, Brune de Linares, Akur8’s esteemed chief client officer, emphasized that the partnership with Canal solidifies Akur8’s position as a formidable pricing solution for diverse insurance companies across all lines of business.
Conclusion:
The strategic partnership between Akur8 and Canal Insurance represents a significant development in the commercial insurance market. By leveraging Akur8’s innovative machine learning technology, Canal Insurance enhances its pricing processes, improves model construction, and embraces data-driven underwriting. This collaboration signals a shift towards increased efficiency, accuracy, and market competitiveness within the industry. With the potential to expedite product development and enhance the customer experience, this partnership sets a new standard for commercial insurance pricing and establishes Akur8 as a leading provider of transparent machine learning solutions in the sector.
