NEW YORK--(BUSINESS WIRE)--Akur8 and Bass Underwriters are thrilled to announce their multi-year partnership to boost the MGA’s risk pricing capabilities. Through this agreement Akur8 further expands its presence in the United States, and broadens its area of expertise within the MGA marketplace. Choosing Akur8’s best-in-class solution will enable Bass Underwriters to be industry leaders in their attritional risk pricing and continually provide cutting edge pricing in the competitive E&S market.
Specifically developed for insurers, Akur8’s solution enhances pricing processes by automating risk modeling using proprietary transparent machine learning technology. The core benefits for the MGA marketplace include automated model building, transparent GLM outputs, data-driven underwriting and no coding required, all of which effectively accelerates time to market while ensuring full transparency and control of the models created.
“Akur8 is thrilled to partner with Bass Underwriters, and to empower them with a state-of-the-art risk modeling platform. Joining forces with a leading property and casualty MGA in the largest insurance market worldwide is an important step for us in our development trajectory. This union also demonstrates the relevance and attractiveness of Akur8’s solution for numerous types of players within the insurance market” stated Samuel Falmagne, CEO at Akur8.
“Our strategic partnership with Bass Underwriters is a further demonstration of the robustness and attractiveness of Akur8’s solution for a major MGA with a leading position in the U.S. market. We look forward to this paving the way for additional partnerships within the MGA and insurance community” noted Brune de Linares, Chief Customer Officer at Akur8.
“Providing efficient, reliable and consistent pricing creates a win-win for the risk taker and agent. Having the ability to improve risk pricing by running complex models and updating those models as new data comes in at any moment is a game changer for us, and a competitive differentiator. It is crucial for the rapidly changing E&S marketplace” added Ed Jackson, President of Bass Underwriters.
“Akur8 is an impressive solution for attritional risk pricing that is easily 10x faster, and therefore a huge time savings for us. The improved risk pricing and predictiveness of the models will enable us to provide more accurate pricing in a very competitive market place.” noted Joseph Good, Actuarial Analyst at Bass Underwriters.
About Akur8
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 40+ customers across 20+ countries, including AXA, Generali and Munich Re; specialty insurers Canopius and Tokio Marine Kiln; consulting partners Xceedance and Perr & Knight; and insurtechs Bought by Many and wefox. 600 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.
Akur8 recently completed a new scientific paper on Credibility and Penalized Regression. Click here to learn more: https://bit.ly/Akur8-Credibility-and-Penalized-Regression
About Bass Underwriters
Bass Underwriters is a leading US property and casualty Managing General Agency specializing in commercial, transportation, professional and personal lines. It offers a wide range of specialty products, superior technology platforms and professional service to its nationwide independent agent partners. As an MGA, they provide critical facilities necessary for agents to deliver essential insurance products to their clients with fast courteous service, second to none.
