Akur8, the next-generation of insurance pricing solutions powered by transparent machine intelligence (ML), announced today that they have partnered with Duck Creek Technologies (Nasdaq: DCT), a leading provider of software-as-a-service (SaaS) insurance core systems, to offer P&C insurance carriers a fully integrated SaaS platform that will streamline and empower insurers’ rate-making process from data to production.
Specifically developed for actuaries and predictive modelers, Akur8’s solution enhances insurers’ pricing processes by automating technical and commercial premium modeling with proprietary transparent machine learning technology. Insurers will see a decrease in the time required to prepare and model data. This allows for faster time to market, more predictive models and a greater number of models. All models are transparent and controlled.
“Akur8 is a proud partner of Duck Creek Technologies, one of the largest P&C insurance technology marketplaces worldwide, and we are excited for our integration to be available for mutual customers on the Duck Creek Content Exchange. Our price modeling solution is a perfect technological fit within the Duck Creek suite, especially with Duck Creek Rating, a best-in-class rating engine that modernizes insurers’ rating functions and brings a substantial value-add to P&C insurers looking for an integrated, end-to-end rate-making solution that can enable their digital transformations. This partnership is a game-changer for the P&C insurance industry,” Samuel Falmagne is the CEO of Akur8..
“We are excited to team with Duck Creek to deliver our combined performance to many P&C insurers worldwide. Carriers will now be able to enhance their rate-making capabilities within Duck Creek’s industry-leading platform. The Akur8 integration wizard provides users the ability to pull the rating factors and coefficients generated by Akur8’s automated insurance pricing platform and import those directly into Duck Creek Rating. This direct export/import process increases security, lowers the risk of errors, and provides a seamless user experience from technical actuarial modeling to production,” said Guillaume Beraud, Founder & Chief Actuary at Akur8.
“Akur8’s proprietary machine learning algorithms automate rate modeling and produce model output that is easily explainable, transparent, and auditable. Jointly, Akur8’s integrated pricing solution within Duck Creek Policy and Duck Creek Rating provide an end-to-end solution that enables insurers to accelerate time-to-market by building and deploying rates faster,”Andy Yohn, vice president of product development at Duck Creek Technologies.
“Akur8 has built a strong foundation for the future of rate modeling and their focus on transparency and control allows insurers to take advantage of the power of machine learning applied to rate management, without the dislocation problems caused by black-box algorithms. At the same time, Akur8’s automation capabilities increase speed to accuracy without sacrificing precision. Akur8’s partnership with Duck Creek will allow more insurers to accelerate their time-to-market while remaining confident in their models and the safety that their decisions make. We are very excited to bring our combined strengths to the market,” Robert Fletcher is Head of Global Solution Partnerships for Duck Creek Technologies..