The collaboration aims to enhance Swedbank’s insurance pricing process through Akur8’s cutting-edge platform.
According to reports, Akur8’s cloud-based, fully integrated platform promises to streamline Swedbank’s insurance pricing process, ensuring accuracy, transparency, and an enhanced customer experience. Developed specifically for insurers, Akur8’s solution use proprietary transparent machine learning technology to automate risk modeling, enabling pricing teams to make quicker and more informed decisions.
Key benefits for insurers include increased predictive performance and speed-to-accuracy, enhancing market reactivity and delivering immediate business impact. Importantly, insurers retain full transparency and control over the models created, ensuring accountability and reliability.
The partnership between Swedbank and Akur8 comes amidst a transformative period in the insurance industry. Insurtech solutions like Akur8’s platform are reshaping traditional processes, offering modern tools based on transparent AI. These advancements enable companies to optimize pricing strategies and improve overall operational efficiency.
“We’re delighted to welcome a new client in the Baltics and to work alongside a carrier who shares our commitment to customer support. This synergy is all the more gratifying as we continue to invest significantly in the development of new functionalities and the user-friendliness and live support from our teams around the world. With this alignment, our support team can focus on addressing high-value inquiries,” noted Joanna Chardon, Chief Strategy and Product Officer at Akur8.
Swedbank’s selection of Akur8 underscores the growing significance of innovative technologies in the insurance sector, signaling a shift towards more data-driven and customer-centric approaches.
Juris Kipluks, Head of Underwriting at Swedbank commented on the partnership, saying: “During the onboarding, we were impressed with the range of functionalities in the Akur8 suite. The platform is a perfect fit with our development plan, and will enable us to improve efficiency in our modeling process.”
He continued: “We were especially impressed with Akur8’s lightning-fast user support, which allows us to tap into technical expertise beyond just the platform, focus on the business side and accept new projects – all of which further strengthen our market positioning and serve our clients better.”
“We are glad to cooperate with Swedbank to continue working at the forefront of pricing sophistication, and we are proud to further strengthen our presence in the Baltics. We have worked very closely with Swedbank to ensure we understand their requirements, both from a technical as well as from a business viewpoint – and we are looking forward to a continued and fruitful collaboration with Swedbank,” added Julian Frank, Client Director at Akur8.
