Global specialty insurer and reinsurer, Canopius, has entered into a new partnership with InsurTech Akur8, designed to enhance its digital products’ pricing process via the use of Artificial Intelligence (AI).
Singed in November 2020, the deal sees Akur8 seal its first partnership in the UK, with a leading Lloyd’s of London insurer.
Akur8’s solution has been designed specifically for insurers, and looks to enhance companies pricing processes through automated risk-modelling, using transparent AI proprietary technology.
The InsurTech notes that for insurers, the main benefits of its solution include a reduction in modelling time which will accelerate speed to market, the production of more predictive models, while keeping full transparency and control over the created models.
Marek Shafer, Chief Digital Officer at Canopius, commented: “Akur8 is a cutting-edge technology that supports the data-led underwriting approach of our digital products. We saw compelling results during the pilot phase, with impressive predictive power and rapid modelling time. This partnership will help us better match our clients’ needs and adapt prices to a dynamic marketplace.”
Akur8’s solution is cloud based and fully collaborative, and is able to function on an entirely-remote basis enabling business continuity. The firm states that by leveraging its solution insurers will bring added value to their customers, with the ability to adapt policies’ pricing much quicker.
“We are extremely happy to announce this partnership with Canopius. It will act as a differentiator, in markets with high competitive pressure like the US. Being a leading global insurance carrier, Canopius is setting the example as an innovative insurance company striving to ever better cater to their customers’ needs,” said Samuel Falmagne, Chief Executive Officer (CEO) at Akur8.
