NEXT has selected Akur8’s Risk and Rate modelling solution to build a data-driven, high-performing and scalable predictive modelling framework for their insurance pricing process. Through this agreement, Akur8 continues its growth within the commercial insurance marketplace in the US.
“Our partnership with such an innovative and true disruptor of the small business insurance market – a historically complicated industry – demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business,” said Brune de Linares, Chief Client Officer at Akur8.
NEXT’s AI innovation compliment’s Akur’s pricing solutions
Developed explicitly for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for the commercial insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting. Building on NEXT’s leading AI and machine learning capabilities, the company will leverage Akur8’s technology as the foundation for a scalable, transparent, and efficient pricing platform.
“We are thrilled to support NEXT, a modern leader revolutionising small business insurance, and enhance its pricing process with our state-of-the-art risk and rate modelling platform. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers targeting the small business market,” stated Samuel Falmagne, CEO at Akur8 (pictured).
Founded in 2016, NEXT, launched by Founder and CEO Guy Goldstein, is committed to helping small businesses thrive by providing a one-stop-shop to customised and affordable insurance policies. Today, the company is trusted by over 450 thousand business owners and serves over 1,300 classes of business, including restaurant owners, general contractors, accountants, fitness professionals and many more. NEXT’s seamless policy purchasing process and affordable pricing is one of the many reasons the company experienced rapid growth over the years.
“While every small business is unique, they all share a need for accurate policy pricing. We’ve long been committed to investing in machine learning and predictive analytics for superior underwriting and pricing, and this unique approach has solidified us as a technology leader in the space,” said Phil Natoli, Chief Actuary at NEXT. “Together with Akur8, we’re able to further innovate upon our current capabilities to deliver even more accuracy, speed and efficiency at scale for NEXT’s growing customer bases.”
“With Akur8’s platform, our actuarial, data science, and product teams can collaborate seamlessly throughout the insurance pricing process. It ensures higher efficiency and delivers visual insights that are explainable across a variety of stakeholders,” noted Peter Yin, Senior Actuarial Manager at NEXT.
Akur8’s market position
Akur8 already serves over 80 customers across 40 countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS) and MS&AD; commercial P&C insurers FCCI and HDVI; specialty insurers Canopius and MGA Bass Underwriters; consulting partner Perr & Knight; and insurtechs Manypets and wefox.
More than 900 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8’s strategic partnerships include Milliman, Guidewire, Duck Creek and Sapiens.
Akur8 also recently completed a new position paper on Applying Machine Learning to Actuarial and Pricing Workflows.
Join NEXT experts at Insurtech Insights USA 2023
Nick Mabunay, Director of Partnerships and Growth at Next, is an expert speaker at Insurtech Insights USA 2023 at the Javits Center in New York on June 7th and 8th. He will be taking part in the panel, ‘How Leveraging Embedded Insurance is the Key to Untapped Markets’.
