Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce its new partnership with Quincy Mutual Group.
One of the oldest and most respected regional mutual insurance companies in the United States, Quincy Mutual Group offers a wide range of insurance products to protect the property and liability needs of individuals and businesses.
According to reports, the new partnership will enable Quincy Mutual’s actuarial team to build comprehensive models, implement model testing into their pricing process, enhance rate evaluations, and incorporate a more data-driven approach for delivering meaningful insights to internal stakeholders. This partnership marks a significant expansion of Akur8’s footprint in the US mutual insurance sector.
Developed explicitly for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for the P&C insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting.
Speaking about the partnership, Todd Lehmann Chief Actuary at Quincy Mutual, said: “Teaming up with Akur8 and utilising their Core Platform is a win-win scenario for us. It has empowered our pricing team to transform their prior rate review process, shifting to a more data-driven approach, while also increasing our overall speed to market and streamlining complex ratemaking and modeling tasks.
Samuel Falmagne, CEO at Akur8, also commented, saying: “The Akur8 team is thrilled to team up with Quincy Mutual Group and provide our Core Platform solution to empower their pricing team. Partnering with such an established and reputable mutual insurance company such as Quincy signifies the continued growth for Akur8 within the U.S. mutual insurance market.”
Brune de Linares, Chief Client Officer at Akur8 agreed, “Our alliance with Quincy Mutual is a testament to the strength of Akur8’s solution for US insurance companies of all sizes across all lines of business.”
He added: “We are excited to build a strong partnership with Quincy Mutual as part of our ongoing expansion efforts within the US.”
Founded in 1851, Quincy Mutual has upheld its mission to provide quality products and services to its policyholders. The company is an A+ rated company by insurance, and umbrella insurance. With a promise to build on the integrity and values it has built over the past century, Quincy Mutual continues to implement innovative solutions such as Akur8 to provide the best service to its customers.
