Tokio Marine Insurance Group (Asia), an insurance leader in the Southeast Asian market, has partnered with Akur8 as it expands its operations in Asia, following the recent opening of its Tokyo office.
The partnership signifies a significant development in the insurance industry, with the potential to revolutionise pricing strategies and enhance customer experiences in the Asian market.
According to reports, the primary objective of this partnership is to enhance the actuarial pricing sophistication at Tokio Marine Asia by integrating Akur8’s RISK and RATE modules. The insurtech offers a cutting-edge platform that enables insurance pricing teams to create new models in a faster and more collaborative manner. Their technology employs proprietary machine learning algorithms, automating the insurance pricing process and leading to enhanced efficiency and accuracy.
By leveraging advanced insurance pricing technology, Akur8 also equips insurance companies with the necessary tools to design and implement risk models more efficiently, thus improving collaboration and overall performance. Moreover, this collaboration aims to promote knowledge sharing and best practices among the pricing teams across various Tokio Marine entities globally.
Tokyo Marine is a dominant player in the Southeast Asian insurance market
On the other hand, Tokio Marine Asia, a branch of the Tokyo Marine Group, is a dominant player in the Southeast Asian insurance market, offering a wide range of insurance services. Their portfolio spans diverse domains, including motor insurance and marine cargo insurance, cementing their position in the regional insurance sector.
Allen Juang, chief risk officer at Tokio Marine Asia, said, “Thanks to the Akur8 platform, our actuarial team will improve its pricing process and ratemaking capabilities, with greater automation, faster risk modelling, better predictive performances and eventually more consistent ratemaking.”
Philippe Vezio, deputy CEO – chief underwriting officer at Tokio Marine Asia, added, “This collaboration between Akur8 and Tokio Marine brings new technology to empower our teams in Asia and enables us to deliver quality services to our business partners and end customers.”
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Source: Fintech Global
