Madison Mutual is a Midwest based company, serving policyholders across Illinois, Missouri, Wisconsin and Indiana. The company has previously announced its commitment to continued digital transformation by developing relationships with like-minded companies focused on growth within the personal insurance marketplace.
Launched in 2018, Akur8 has developed a machine-learning solution designed specifically for insurers to enhance pricing processes in the property and casualty insurance market. The technology offers accelerated model building, transparent outputs based on Generalised Linear Models (GLM), and data-driven underwriting. By leveraging advanced algorithms, insurers can streamline model development, gain insights into pricing factors, and make more accurate predictions. This solution provides significant benefits to insurers, enabling them to improve their pricing strategies and gain a competitive edge.
Speaking about the new partnership, Nick Lannutti, Chief Actuary and VP of Operations at Madison Mutual Insurance Company, noted “Akur8 has effectively multiplied our investment in an in-house actuarial team. With Akur8’s Risk module, we were impressed with the ease and speed of model creation and comparison, and the meaningful high-impact pricing insights, while the Rate module enabled us to quickly automate large amounts of manual work required for rate reviews. We were also extremely impressed with the limited onboarding required combined with the strong support Akur8 provides to our team.”
“MMIC is elated by our partnership with Akur8 and the potential it holds to drive our company’s digital transformational journey in insurance pricing,” stated Allah Rakha Sheikh, Chief Information Officer at Madison Mutual Insurance Company. Sheikh emphasises Akur8’s innovative technology aligns seamlessly with Madison Mutual’s commitment to delivering exceptional customer experiences and optimising pricing capabilities.
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.
“We are thrilled to partner with Madison Mutual Insurance Company, and help boost their pricing sophistication by providing them with the tools to quickly run models across a variety of coverages, enhance rate review and framework, improve predictive performance and increase transparency on data-driven decisions. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers within this market,” stated Samuel Falmagne, CEO at Akur8.
Brune de Linares, Chief Client Officer at Akur8 added, “Our partnership with Madison Mutual Insurance Company, a reliable and well-established P&C company providing Auto, Home, Farm and Personal Umbrella insurance, demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business.”
