AXA Tianping, a member of the AXA Group and one of China’s largest P&C insurers, and Akur8, an AI-driven insurance pricing technology company, have announced a collaboration.
The collaboration between the two companies will further enhance AXA Tianping’s pricing process with Akur8’s high-performing AI technologies.
Through this partnership, AXA Tianping’s actuaries and pricing team will officially deploy Akur8 to unlock new potential with unique analytical insights and advanced pricing automation.
Therefore, AXA Tianping will become the 13th AXA entity and the first insurer in China to use Akur8, a testament to its commitment to continuous innovation and improvement to better serve its customers.
Due to Akur8’s transparent AI proprietary technology, AXA Tianping will be able to shorten the time-to-market by automating rate modeling with machine learning in the pricing process, as well as improve the performance of policies with robust AI-driven predictive power.
In addition, and also staying true to its customer-centric approach to products and services, AXA Tianping will leverage Akur8’s next-generation technologies to respond more promptly to dynamic risk environment.
Fully owned by AXA Group, AXA Tianping provides a comprehensive range of high-quality, personalised products and services across health, motor, lifestyle, and commercial lines.
Deeply rooted in China for more than 20 years, the company serves over three million customers nationwide and boasts a footprint of 25 branches across China.
Through its partnership with Akur8, it will enable the company’s professional actuaries and pricing team to focus on its customers and products, and make the most informed decisions at a faster speed, which will therefore help to drive tangible business impact and growth within the Chinese market
Moreover, by forging this partnership with Akur8, AXA Tianping is able to demonstrate its strong commitment to embracing best-in-class technologies and leveraging its technical sophistication globally to serve the local market.
“Akur8 brings in cutting-edge technologies to our pricing process, which helps us continue to strive for technical sophistication and empowers us to deliver valuable insurance solutions to our customers more efficiently while ensuring utmost transparency and control”, said Scott Yin, Chief Pricing Officer & Chief Actuary at AXA Tianping.
“We believe Akur8 will not only be an important asset to our team’s work along the whole pricing value chain, but also of great value to our customers for providing increased personalization and targeted pricing in a dynamic marketplace. We look forward to working with Akur8 in unlocking the potential of our business.”
Samuel Falmagne, CEO at Akur8, added: “We are delighted to announce this collaboration with AXA Tianping in China. AXA Tianping is a well-established and renowned insurer, and we are looking forward to supporting its actuarial department in its best-in-class strategy and innovative explorations. APAC has always been a strategic market for us.
“We have been building our presence there for a while now, across various geographies and insurance lines. This collaboration is an exciting way for Akur8 to enter the Chinese P&C insurance market and to strengthen its global relations with AXA.”