PARIS--(BUSINESS WIRE)--Akur8 and Duck Creek Technologies are thrilled to announce their strategic partnership, signed on November 2, 2020. With this deal, Akur8 forges their first partnership in the U.S., the biggest P&C insurance market worldwide, representing a key milestone for their expansion.
The partnership between Duck Creek and Akur8 will be a game-changer for the P&C insurance industry, with a view to empowering actuaries to get accuracy faster. It will deliver a combined SaaS platform that will streamline and empower insurers’ rate-making process from data to production. Insurers will be able to enhance their rate-making capabilities within Duck Creek’s industry-leading Platform, from Duck Creek Insights’ data management solution, through Akur8’s unique rate modeling solution, to Duck Creek Rating’s product definition, “what-if” scenario analyses, and quoting.
Specifically developed for actuaries and predictive modelers, Akur8’s solution enhances insurers’ pricing processes by automating risk modeling with proprietary transparent artificial intelligence technology. The core benefits for insurers include a reduction in data preparation and modeling time which will accelerate time to market and the production of more predictive models, while keeping full transparency and control of the models created.
“We are delighted to announce this partnership with Duck Creek, in a market as strategic as the U.S. The technological fit with the Duck Creek Suite, especially with Duck Creek Rating, a best-in-class rating engine that modernizes insurers’ rating functions, will bring a substantial value-add to P&C insurers looking for an integrated, end-to-end rate-making solution that can enable their digital transformations. We at Akur8, with Duck Creek, are eager to deliver our combined performance to many P&C insurers worldwide,” said Samuel Falmagne, CEO of Akur8.
“At Duck Creek, we believe that Akur8 is setting the right foundation for the future of rate modeling. Their focus on transparency and control allows insurers to take advantage of the power of AI 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. As a result, insurers are able to accelerate time to market while being confident in the predictive power of their models and the safety of their decisions. We are very excited to bring our combined strengths to the market,” said Elizabeth Del Ferro, VP of Partner GTM at Duck Creek Technologies.
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
Akur8 is transforming insurance pricing with Transparent AI. Our proprietary ML algorithms automate rate making while preserving control and transparency throughout the process. We replace the manual processes of legacy solutions and the need to build and maintain large code-bases through custom R/Python developments, while maintaining an output that is understandable & auditable, unlike black-box ML.