An Effort to Enhance Your Pricing Prospects

There might be plenty that human beings can do well, but when push comes to shove, there is still little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which took us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown a lot more evident in recent times, and assuming one new insurtech development shakes just like we envision, it will only make that trend bigger and better moving forward.

NEXT Insurance, one leading digital insurtech company transforming small business insurance, has officially selected Akur8’s Risk and Rate modeling solution with an intention to build a data-driven, high-performing, and scalable predictive framework for their insurance pricing process. Talk about the stated solution a little bit, Akur8’s solution leverages cutting-edge machine learning technology to enhance the pricing protocols across the board. This, in turn, delivers utility by realizing benefits like   accelerated model building, transparent GLM outputs, data-driven underwriting, and many more. Now, on to why the collaboration in question can do wonders for NEXT Insurance, founded in 2016, the company has already served more than a whopping 450 thousand business owners, while simultaneously establishing a firm footing across 1,300 classes of business,  including restaurant owners, general contractors, accountants, and fitness professionals etc. So far, NEXT Insurance’s value proposition has stayed rooted in its ability to provide a seamless policy purchasing experience, an experience which becomes all the more attractive once placed alongside an affordable price point. However, given Akur8 solution’s industry-leading risk management capabilities, the company will hope to clock a level of intelligence in its service that it hasn’t quite touched on before.

“We are thrilled to support NEXT, a modern leader revolutionizing small business insurance, and enhance its pricing process with our state-of-the-art risk and rate modeling platform. This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers targeting the small business market,” said Samuel Falmagne, CEO at Akur8.

As for Akur8, it currently serves over 80 market leaders, and it does so across 40 different countries. Some companies which are included in its clientele are  AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS) and MS&AD; commercial P&C insurers FCCI and HDVI; specialty insurers Canopius and MGA Bass Underwriters; consulting partner Perr & Knight; and insurtech players like Manypets and wefox.  In case that doesn’t sound impressive enough, then it must be mentioned how the company also boasts strategic partnerships with giants like Milliman, Guidewire, Duck Creek, Sapiens, and more.

“While every small business is unique, they all share a need for accurate policy pricing. We’ve long been committed to investing in machine learning and predictive analytics for superior underwriting and pricing, and this unique approach has solidified us as a technology leader in the space,” said Phil Natoli, Chief Actuary at NEXT Insurance. “Together with Akur8, we’re able to further innovate upon our current capabilities to deliver even more accuracy, speed and efficiency at scale for NEXT’s growing customer bases.”