NEW YORK & BOSTON--(BUSINESS WIRE)--Akur8, the next generation insurance pricing solution powered by transparent machine learning (ML), announced today that it has 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. The core benefits for insurers include a reduction in data preparation and modeling time which effectively accelerates time to market and the production of more predictive models, while ensuring full transparency and control of the models created.
“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,” said Samuel Falmagne, 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,” said 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. By partnering with Duck Creek, Akur8 will help more insurers accelerate their 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,” noted Robert Fletcher, Head of Global Solution Partnerships at Duck Creek Technologies.
Akur8 is revolutionizing insurance pricing with Transparent Machine Learning, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control. Our modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators. With Akur8, time spent modeling is reduced by 10x, the models’ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%. Akur8 already serves 45+ customers across 20+ countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS); specialty insurer Canopius and MGA Bass Underwriters; consulting partners Xceedance and Perr & Knight; and insurtechs Bought by Many and wefox. Over 700 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8’s strategic partnerships include Milliman, Duck Creek, Guidewire and Sapiens.
About Duck Creek Technologies
Duck Creek Technologies (Nasdaq: DCT) 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. For more information, visit www.duckcreek.com.