The new partnership will provide MAPFRE’s actuarial team with the advanced pricing modules offered by Akur8, as well as enhancing the efficiency of model development and enabling the actuarial team to concentrate on in-depth analysis and comprehending results.
MAPFRE’s adoption of Akur8’s technology, which allows running models in the cloud, swift export of documentation, and the ability to conduct Dislocation and Impact Analysis, is poised to elevate its rate-making process.
The move enables MAPFRE to construct powerful and explainable pricing models, establishing a robust predictive modeling framework. Simultaneously, Akur8 has strengthened its foothold in the Spanish market.
Speaking about the partnership, Samuel Falmagne, CEO at Akur8, said, “Once again, Akur8 has proven to be the right solution for a major player in the Spanish insurance market. We are proud to extend a warm welcome to MAPFRE Spain as our valued client, and are excited to enhance their insurance pricing process, specifically for their auto line of business.”
Joanna Chardon, Chief Strategy and Product Officer, added, “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.”
Jose Maria Castelo, Senior Advisor at Akur8, also commented, saying: “From an advisory point of view, I have observed for several years deep and moving trends in the Spanish insurance market. Numerous factors influence the entire pricing value chain, including regulatory developments, inflation, the need for transparency and ethics, and more. 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 drivers habits, the introduction of ADAS and EVs and specially, double digit increases of premiums driven by hyperinflation.”
“We are thrilled to embark on this exciting partnership with Akur8,” said Jean-Louis Hernández, Motor Pricing Director at Mapfre Spain.”
He added: ”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.”
