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MGS Seguros has partnered with insurtech firm Akur8 to implement its pricing answer for property and casualty (P&C) insurance coverage in Spain.
This transfer is predicted to empower the actuarial and pricing groups at MGS Seguros by enabling them to develop ‘explainable’ pricing fashions for auto and residential insurance coverage merchandise.
Akur8’s answer leverages machine studying to automate danger modelling, aiming to reinforce decision-making for pricing groups.
It’s tailor-made to help insurers in honing their pricing methods.
The know-how vendor highlighted that the automation of danger modelling by way of machine studying allows extra knowledgeable pricing choices.
With the answer, insurers stand to realize from improved predictive efficiency and sooner accuracy, which interprets to heightened market responsiveness and quick enterprise impression, the seller additional famous.
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Akur8 CEO Samuel Falmagne stated: “We’re proud to additional strengthen our presence in Spain, as this demonstrates each our means to satisfy insurers’ wants and the truth that our answer is establishing itself available in the market as a benchmark of excellence within the pricing course of.”
MGS Seguros head of pricing Daniel Vila stated: “In the course of the pilot section, we had been impressed by the effectivity of the Akur8 platform and its means to satisfy our wants. We had been capable of import a considerable amount of information, create fashions for every protection of our auto merchandise, in an iterative and really agile manner, and choose the perfect mannequin in a brief time period.
“We saved a substantial period of time all through the method, attaining a really environment friendly execution.”
Final month, one other Spanish insurer, Mapfre, additionally selected Akur8 to advance its pricing capabilities.
These partnerships are reinforcing Akur8’s footprint in Spain.
In the meantime, in September 2023, Akur8 secured $25m (€23.08m) in funding, with contributions from FinTLV, Guidewire Software program and BlackFin Capital Companions.
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