PARIS–(BUSINESS WIRE)–wefox Insurance coverage and Akur8 are thrilled to announce their collaboration, as a key milestone to strengthen wefox Insurance coverage’s pricing course of. This deal additional reinforces the presence of Akur8 in Germany, and demonstrates the breadth of Akur8 use instances, collaborating with a fully-digital neo-insurer.
Particularly developed for insurers, Akur8’s answer enhances their pricing processes by automating threat and demand modeling, utilizing clear Synthetic Intelligence proprietary expertise. The core profit for insurers is larger speed-to-accuracy, whereas sustaining full transparency and management on the fashions created.
With Akur8, wefox Insurance coverage additional reinforces their service ranges to prospects and distribution companions. wefox Insurance coverage supplies distribution companions with tailor-made tariffs, correct and focused pricing and excessive reactivity. Akur8 additional helps wefox in its pursuit to strict underwriting self-discipline via offering a totally strong pricing course of.
The collaboration between Akur8 and wefox Insurance coverage was facilitated by Munich Re. This underpins Munich Re’s imaginative and prescient of strategic reinsurance partnership together with state-of-the-art consulting providers by partnering with their purchasers alongside the entire worth chain.
“Akur8 may be very pleased to announce this collaboration with wefox Insurance coverage, to assist them reinforce such a important course of as pricing. Each our corporations try for the digital transformation of the insurance coverage trade. Moreover, wefox Insurance coverage’s dedication to digitalization, velocity and equity very a lot echoes to the ideas that we strongly uphold at Akur8.”, says Samuel Falmagne, CEO at Akur8.
“This collaboration with wefox Insurance coverage illustrates the depth and breadth of Akur8’s use instances, from international intermediated carriers to regional fully-digital insurtechs. It additionally reinforces our presence in Germany, which is a extremely strategic marketplace for Akur8 in Europe.”, says Brune de Linares, Chief of Gross sales at Akur8.
“We’re thrilled to collaborate with Akur8. As a fully-digital real-time insurer, partnering with the best-in-class answer available on the market is of great worth to us and our prospects. Time to market is a core KPI for our central product manufacturing unit. We’ve introduced it down from months to some weeks already. Akur8 will assist us to additional scale back the time to marketplace for new tariffs to a few days. wefox Insurance coverage and Akur8 are each dedicated to bringing extra velocity and equity to their prospects.”, says Oliver Lang, CEO at wefox Insurance coverage.
“Akur8 permits for a big time achieve within the modeling course of, on prime of leading to greater mannequin efficiency than with the earlier answer used. The instrument may be very intuitive and user-friendly. Some native options, such because the geographical zoning, carry quite a lot of worth and are very straightforward to make use of, with a pleasant visualization”, says André Kühn, Insurance coverage product lead at wefox Insurance coverage.
Akur8 is revolutionizing insurance coverage pricing with clear AI. Akur8 developed a singular AI-based insurance coverage pricing answer that automates modeling for insurance coverage corporations whereas retaining full transparency and management on the fashions created, as required by regulators worldwide. Akur8 is the one answer available on the market reconciling Machine Studying and Actuarial worlds.
About wefox Insurance coverage
wefox Insurance coverage (previously ONE Versicherung) is a digital real-time insurer. Brokers and finish prospects can take out paperless insurance coverage inside a couple of minutes. Damages are reported digitally and in additional than 60 % instances are settled on the identical day. wefox family, legal responsibility and motorized vehicle insurance coverage can be found in Germany, Poland and Switzerland. wefox has simply introduced their sequence C funding of over $650m for a valuation of $3bn.