2 days ago
Indiana Farm Bureau picks Akur8 to improve pricing process
Indiana Farm Bureau Insurance has selected Akur8 to improve its property and casualty (P&C) insurance pricing models.
The insurer will use Akur8's Core Platform, which leverages proprietary machine-learning (ML) technology to improve pricing processes.
The platform offers accelerated model building, transparent GLM (generalized linear model) outputs and data-driven underwriting capabilities for the property and casualty insurance market, claims Akur8.
Indiana Farm Bureau Insurance chief actuary and executive director Brian Poole said: 'We are thrilled to work with Akur8 to elevate our pricing process. With rapid model development, state-specific insights and the ability to simulate rate changes at the coverage level, we can quickly pinpoint underperforming segments and assess their financial impact.
'Akur8's transparent, intuitive outputs make it easy to share insights with stakeholders, and their ongoing support has been invaluable. We look forward to working with the Akur8 team.'
Established in 1934 by Indiana Farm Bureau, Indiana Farm Bureau Insurance offers auto, life, home and business insurance products.
The company is also a specialist in homeowners' insurance and a primary provider of farm insurance within Indiana.
Akur8 CEO Samuel Falmagne stated: "We are excited to engage with Indiana Farm Bureau Insurance. Akur8's AI-powered solution will streamline their pricing process, enabling their team to identify opportunities and forecast impacts with precision, while maintaining the exceptional service and support that Indiana Farm Bureau Insurance is known for.'
In September last year, Louisiana Workers' Compensation Corporation (LWCC) engaged with Akur8 to enhance its predictive modelling capabilities.
Akur8's client base spans 300 customers in more than 40 countries.
"Indiana Farm Bureau picks Akur8 to improve pricing process " was originally created and published by Life Insurance International, a GlobalData owned brand.
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