Indiana Farm Bureau Insurance coverage has chosen Akur8 to enhance its property and casualty (P&C) insurance coverage pricing fashions.
The insurer will use Akur8’s Core Platform, which leverages proprietary machine-learning (ML) expertise to enhance pricing processes.
The platform provides accelerated mannequin constructing, clear GLM (generalized linear mannequin) outputs and data-driven underwriting capabilities for the property and casualty insurance coverage market, claims Akur8.
Indiana Farm Bureau Insurance coverage chief actuary and govt director Brian Poole stated: “We’re thrilled to work with Akur8 to raise our pricing course of. With speedy mannequin growth, state-specific insights and the power to simulate charge modifications on the protection stage, we are able to shortly pinpoint underperforming segments and assess their monetary affect.
“Akur8’s clear, intuitive outputs make it straightforward to share insights with stakeholders, and their ongoing assist has been invaluable. We stay up for working with the Akur8 group.”
Established in 1934 by Indiana Farm Bureau, Indiana Farm Bureau Insurance coverage provides auto, life, house and enterprise insurance coverage merchandise.
The corporate can also be a specialist in householders’ insurance coverage and a main supplier of farm insurance coverage inside Indiana.
Akur8 CEO Samuel Falmagne acknowledged: “We’re excited to have interaction with Indiana Farm Bureau Insurance coverage. Akur8’s AI-powered resolution will streamline their pricing course of, enabling their group to establish alternatives and forecast impacts with precision, whereas sustaining the distinctive service and assist that Indiana Farm Bureau Insurance coverage is understood for.”
In September final 12 months, Louisiana Staff’ Compensation Company (LWCC) engaged with Akur8 to boost its predictive modelling capabilities.
Akur8’s consumer base spans 300 clients in additional than 40 nations.
