Innovations in Insurance Pricing by Akur8
Akur8 has announced an exciting expansion of its pricing suite through the introduction of Rate Repo and Deploy. This innovative move solidifies Akur8 as a leader in the insurance technology landscape. By utilizing advanced machine learning, these new tools provide a transparent and efficient approach to insurance pricing and reserving.
What Are Rate Repo and Deploy?
Rate Repo is designed to serve as a comprehensive rate repository specifically for actuaries. It simplifies the management of Rate Order Calculations (ROCs) across various jurisdictions, and offers version control, simulation capabilities, and detailed documentation that adheres to regulatory standards. This feature ensures that the pricing process remains accurate and consistent across the board, enhancing governance and strategic alignment for insurers.
Features of Rate Repo
This tool bridges the gap between actuarial teams, IT departments, and compliance units, ensuring that pricing aligns with broader business goals. By providing a unified platform, Rate Repo allows users to maintain a single source of truth, simplifying the complexities involved in rating tasks.
Deploy: Seamless Integration and Efficiency
Deploy is Akur8's cutting-edge, cloud-based pricing engine, which makes the transition from model creation to live implementation incredibly fast and efficient. Insurers can now import rate plans within minutes, deploy them rapidly, and deliver quotes almost instantaneously. The system is backed by a robust API, allowing it to integrate directly with existing policy administration systems.
Speed and Control for Insurers
With Deploy, every rate decision becomes more transparent and traceable, reducing manual risk and enabling quicker market entry. Features such as simulations and audit logs provide users with the necessary tools to ensure compliance and oversight throughout the pricing lifecycle.
Voices from Leadership
Samuel Falmagne, the CEO of Akur8, emphasized the significance of these launches, stating, "The addition of Rate Repo and Deploy is a crucial step in Akur8's mission to innovate insurance pricing. Our platform not only accelerates operational tasks but also enhances transparency and governance, resulting in a superior value proposition for insurers."
Brune Delinares, Chief Client Officer at Akur8, echoed this sentiment, highlighting the necessity for tools that bolster collaboration and facilitate strategic alignment in actuarial tasks. He believes that the launch of Rate Repo and Deploy responds directly to the needs expressed by clients looking for more than just model-building solutions. By integrating these tools, Akur8 is setting a new standard in actuarial excellence.
Engagement at Industry Events
Akur8 will present its innovative solutions at the upcoming InsureTech Connect (ITC) event, where they will demonstrate the practical applications of Rate Repo and Deploy. With a strong focus on enhancing the user experience, Akur8 continues to support its clientele with on-demand resources, ensuring that every user can leverage the platform effectively.
About Akur8
Akur8 continues to transform the non-life insurance sector with its unique offerings. The company boasts over 300 satisfied clients across more than 40 countries, showcasing its extensive reach and impact. With prominent industry players utilizing their technology, Akur8 stands at the forefront of delivering impactful actuarial solutions, with over 3000 actuaries engaging daily with their platform.
To discover more about what Akur8 has to offer, visit their official website for additional insights and resources.
Frequently Asked Questions
What are Rate Repo and Deploy?
Rate Repo is a rate repository that simplifies rate management, while Deploy is a cloud-based pricing engine that facilitates quick rate implementation.
How do these tools benefit insurers?
They provide real-time capabilities, transparency, and improved governance, helping insurers implement pricing strategies more effectively.
What is the significance of Akur8’s platform?
Akur8's platform integrates various facets of actuarial work, streamlining processes and enhancing collaboration among teams.
Where can I see Akur8’s new products in action?
Akur8 will showcase Rate Repo and Deploy at the InsureTech Connect (ITC) event, demonstrating practical applications and benefits.
How does Akur8 support its clients?
Akur8 provides an unmatched user experience, including access to a live actuarial support team ready to assist clients as needed.
