Spanish insurance company MAPFRE has selected insurtech Akur8’s RISK and RATE modules to boost their pricing capabilities.
According to the announcement, this collaboration will empower MAPFRE’s actuarial
team to build powerful, explainable pricing models and establish a robust predictive modelling framework.
Specifically developed for insurers, the RISK and RATE modules solution is able to assist with the above thanks to its risk modelling automatisation, which is achieved by using proprietary transparent machine learning technology.
The core benefits for insurers include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control of the models created.
Jean-Louis Hernández, Motor Pricing Director at MAPFRE Spain, said: “We are thrilled to embark on this exciting partnership with Akur8. It promises to significantly enhance our model development efficiency, enabling us to focus on in-depth analysis and understanding results.
“With the capacity to run models in the cloud, swiftly export documentation, and conduct Dislocation and Impact Analysis, we are poised to elevate our rate-making process.”
“Collaborating with MAPFRE holds significant importance for Akur8. The convergence of Data Science and Actuarial Science is steadily drawing nearer, and we take pride in offering MAPFRE’s actuarial team a cutting edge platform that caters to their requirements in addressing business challenges while managing extensive datasets with transparency and ethical standards,” commented Joanna Chardon, Chief Strategy and Product Officer.
Numerous factors influence the entire pricing value chain in Span, including regulatory developments, inflation, the need for transparency and ethics, and more, Jose Maria Castelo, Senior Advisor at Akur8, noted.
As actuaries in non-life and Auto are currently facing a challenging situation, Castelo believes Akur8’s solution will be a great tool to tackle those challenges.
He said: “From this standpoint, Actuaries in non-life, and in particular in Auto are facing a situation that has never taken place in the past, the combination of: relevant changes in driver´s habits, the introduction of ADAS and EVs and specially, double digit increases of premiums driven by hyperinflation. From data cleansing to the definition of the commercial premium, Akur8 is offering a platform that tackles all those business challenges and pricing needs.”
