MGS Seguros has partnered with insurtech firm Akur8 to implement its pricing answer for property and casualty (P&C) insurance coverage in Spain.
This transfer is predicted to empower the actuarial and pricing groups at MGS Seguros by enabling them to develop ‘explainable’ pricing fashions for auto and residential insurance coverage merchandise.
Akur8’s answer leverages machine studying to automate threat modelling, aiming to boost decision-making for pricing groups.
It’s tailor-made to help insurers in honing their pricing methods.
The know-how vendor highlighted that the automation of threat modelling via machine studying permits extra knowledgeable pricing choices.
With the answer, insurers stand to realize from improved predictive efficiency and quicker accuracy, which interprets to heightened market responsiveness and speedy enterprise affect, the seller additional famous.
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nonetheless, we would like you to take advantage of
useful
resolution for your corporation, so we provide a free pattern which you could obtain by
submitting the under kind
By GlobalData
Akur8 CEO Samuel Falmagne stated: “We’re proud to additional strengthen our presence in Spain, as this demonstrates each our capacity to satisfy insurers’ wants and the truth that our answer is establishing itself out there as a benchmark of excellence within the pricing course of.”
MGS Seguros head of pricing Daniel Vila stated: “In the course of the pilot section, we have been impressed by the effectivity of the Akur8 platform and its capacity to satisfy our wants. We have been in a position to import a considerable amount of information, create fashions for every protection of our auto merchandise, in an iterative and really agile means, and choose the very best mannequin in a brief time period.
“We saved a substantial period of time all through the method, attaining a really environment friendly execution.”
Final month, one other Spanish insurer, Mapfre, additionally selected Akur8 to advance its pricing capabilities.
These partnerships are reinforcing Akur8’s footprint in Spain.
In the meantime, in September 2023, Akur8 secured $25m (€23.08m) in funding, with contributions from FinTLV, Guidewire Software program and BlackFin Capital Companions.
