Canal Insurance has adopted Akur8’s Risk and Rate modelling solution to enhance its actuarial team’s capability in comprehensive model construction and model testing integration into their pricing process. This development marks another stride in Akur8’s expansion within the commercial insurance marketplace in the US.
The reason for this partnership is to augment the pricing processes of Canal Insurance. Using Akur8’s proprietary machine-learning technology specifically designed for insurers, they aim to expedite model building, yield transparent Generalized Linear Model (GLM) outputs, and promote data-driven underwriting. These key benefits significantly serve the property and casualty (P&C) insurance marketplace.
Akur8 is leading the revolution in non-life insurance pricing with transparent machine learning. The company’s modular pricing platform automates both technical and commercial premium modelling, allowing insurers to compute adjusted and accurate rates according to their business strategy. With Akur8, the time spent on modelling is reduced tenfold, the predictive power of the models is increased by 10%, and the potential for improving loss ratio is boosted by 2-4%.
On the other hand, Canal Insurance Company, rated A- by A.M. Best, is an established provider of insurance to commercial trucking and specialty transportation insureds. Canal has been offering its services through selected professional agents for over 80 years.
The partnership between these two companies is expected to enhance Canal Insurance’s product offerings and speed to market, as mentioned by Paul Brocklebank, president and CEO at Canal Insurance Company. Canal’s actuarial team will be able to build models more swiftly with Akur8’s solution, affording them more time for testing.
Akur8 CEO Samuel Falmagne said, “Joining forces with a leading property and casualty commercial insurer in the largest insurance market worldwide is a key step for us in our development trajectory and demonstrates the relevance and attractiveness of Akur8’s solution for commercial insurance companies across the US.” His sentiment was echoed by Akur8’s chief client officer, Brune de Linares, who affirmed that Akur8’s new partnership with Canal solidifies its standing as a powerful pricing solution for diverse insurance companies across all lines of business.
Source: Fintech Global
