KUALA LUMPUR, Sept 10 (Bernama) -- Akur8 has acquired Arius, an award-winning property and casualty (P&C) reserving software for insurers and reinsurers, known for its innovative tools and methodologies that help insurers manage risk and improve financial performance.
Akur8 Chief Executive Officer, Samuel Falmagne said the Arius acquisition strengthens its market standing, expands its product portfolio and customer base, and reinforces its strong relationship with Milliman.
“Our ultimate vision is a fully integrated, next generation pricing and reserving platform that redefines actuarial best practices and combines the strengths of both Akur8 pricing and Arius, providing a best-in-class, comprehensive platform that elevates business performance and competitiveness,” he said in a statement.
Meanwhile, Arius P&C Insurance Software Solution Principal, Ken Scalf said: “This acquisition combines Arius’s strength in reserving with Akur8's cutting-edge approach to pricing, empowering us to deliver more comprehensive and forward-thinking solutions to our clients. Together, we can drive significant advancements in the actuarial field and better meet the evolving needs of insurers worldwide.”
Boasting a robust United States (US) presence and a reputation for excellence, Arius’s portfolio includes 150 insurance and consulting clients and over 1,500 users. More than one third of these clients are top-tier carriers in the US and Canada, reflecting its strong foothold in the Tier 1 and Tier 2 market segments.
Furthermore, as a trusted partner for insurers, Arius offers comprehensive reserving capabilities that set industry standards.
Acquired from Milliman Inc, a premier global provider of actuarial, risk management, and technology solutions, the addition of Arius expands Akur8’s product portfolio and introduces an innovative actuarial platform that significantly amplifies the value delivered to insurance carriers worldwide.
With the combined strength of Akur8 Pricing and Akur8 Reserving, non-life insurance companies can drastically improve the speed, accuracy, and reliability of their core actuarial processes, through a comprehensive suite of tools designed to fully support actuaries and underwriters.
As the next generation insurance pricing solution powered by transparent machine learning, over 3,000 actuaries use Akur8 daily to build their pricing models and reserving projections across all lines of business.
-- BERNAMA
