Munich Re has entered into a global cooperation agreement with Akur8 to boost the pricing capabilities of Munich Re’s Global Consulting Unit.
Specifically developed for re/insurance, Akur8’s solution is designed to enhance pricing processes by automating risk and demand modelling, using artificial intelligence proprietary technology.
The solution promises a reduction in modelling time to accelerate time to market, increased predictive power, and full transparency and control over the models created.
“Akur8 is an impressive solution for risk and demand modelling, that represents a real leap forward in terms of pricing sophistication in the insurance industry,” said Joachim Mathe, Global Head of Global Consulting at Munich Re.
“We are convinced that Akur8’s solution will enable us to bring added value to our customers across our various consulting projects, notably by allowing our large consulting practice to work collaboratively in dedicated client workspaces, improving predictiveness of the models to eventually bring significant loss ratio improvement.”
Massimo Cavadini, Global Head of Actuarial Consulting and Data Analytics at Munich Re, also commented: “Akur8’s strengths, pivoting on the commodification of prediction power, allow for what we call ‘The third wave’ of insurance pricing: while keeping full control on the process, most of the time of the domain expert is spent on understanding the problem and applying the right solution, not in tedious repetitive modelling tasks.”
“Although they are a start-up, the Akur8 team’s professionalism, credentials, and reactivity along the whole process were determining factors in our choice – which was made after an in-depth selection process where each player’s value proposition and strengths were thoroughly reviewed.”
Samuel Falmagne, CEO at Akur8, further stated: “Akur8 is extremely excited about this cooperation with Munich Re, which is one of the most renowned worldwide players in the insurance consulting space – let alone their reinsurance and primary insurance activities.”
“This cooperation is also a demonstration of the relevance and attractiveness of Akur8’s solution for numerous types of players from primary insurance carriers to reinsurers to solution providers to consulting firms.”
Finally, Brune de Linares, Chief of Sales at Akur8, added: “Our strategic cooperation with Munich Re represents a significant strategic step in our development, spanning a global footprint. Our combined expertise and strengths will allow both of our companies to bring significant value added.”