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BUSINESS

Akur8, Tokio Marine North America Services collaborate to strengthen pricing

14/06/2022 04:56 PM

KUALA LUMPUR, June 14 (Bernama) -- Tokio Marine North America Services (TMNAS) and Akur8 are thrilled to announce their new partnership, which amplifies and innovates the insurance pricing capabilities at TMNAS in their key operating markets.

“We are thrilled to support TMNAS on their digital transformation journey by equipping them with a powerful insurance pricing solution that helps build a true competitive advantage across their lines of business, with predictive models that are intuitive and easily explainable,” said CEO at Akur8, Samuel Falmagne.

Meanwhile, EVP & Chief Information Officer at TMNAS, Robert Pick said: “Akur8 brings both unique technology and deep expertise which together amplify the value delivered in key functions, such as pricing, where we have long been strong.

“They are making us even better, providing tools to be nimble and timely in a changing market, where speed and quality matter almost in equal parts.”

By deploying Akur8, TMNAS will be able to convert data into underwriting action by setting up predictive models across all product lines thanks to Akur8's Transparent Machine Learning (ML) technology.

According to a statement, this collaboration reinforces Akur8’s footprint in North America, a strategic region.

Specifically developed for insurers, Akur8’s solution enhances pricing processes by automating risk modeling using proprietary transparent ML technology.

Core benefits for insurers include increased efficiency and speed-to-insights for faster data discovery and evaluation, and advanced predictive modeling capabilities with even small, noisy datasets paving the way towards data-driven underwriting, all while maintaining full transparency and control of the models created.

TMNAS is part of the Tokio Marine Group, one of the largest insurance groups in the world, and provides professional services supporting the insurance operations of Tokio Marine Group companies, including Philadelphia Insurance, Tokio Marine America and First Insurance Company of Hawaii.

By collaborating with Akur8, TMNAS bolsters their pricing capabilities by quickly building predictive models to extract the best signals from data and identify new insights, and ultimately by delivering transparent outputs to underwriters.

-- BERNAMA


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