Market Research Report: Akur8

Company Overview

• Name: Akur8

• Mission: To empower actuarial, pricing, and reserving experts to make better decisions, faster. Akur8 transforms insurance pricing and reserving with transparent Machine Learning.

• Founded: No information is available.

• Founders: No information is available.

• Key People: Akur8's senior management team includes a diverse group from industries such as insurance, strategy consulting, and technology. However, specific names are not detailed in the provided data.

• Headquarters:

• Paris, France: 26-28 rue de Londres, 75009 Paris

• Other locations: New York, USA; London, UK; Milan, Italy; Cologne, Germany; Tokyo, Japan; Atlanta, USA; Montreal, Canada.

• Number of Employees: 33% women in the workforce; detailed total number is not provided.

• Revenue: No information is available.

• Known For: Akur8 is known for its cutting-edge transparent Machine Learning and Predictive Analytics solutions that enhance speed, performance, and reliability for insurers’ pricing and reserving processes.

Products

Akur8 Pricing Platform

• Description: A comprehensive pricing platform enhanced by Transparent Machine Learning to improve the speed and accuracy of insurers' pricing processes.

• Key Features:

• Speed: Enhances pricing and reserving processes by up to 10x.

• Performance: Improves combined ratio outcomes with better models and informed decisions.

• Transparency and Reliability: Provides confidence with visibility and control at each step.

• User Experience: Offers an unmatched cloud-based experience enabling insurers to enhance pricing capabilities.

Akur8 Reserving Platform

• Description: A reserving platform that empowers users with advanced tools for insurance reserving processes.

• Key Features:

• Focuses on providing transparency and reliability throughout reserving processes.

• Aids in driving better underwriting insights.

Arius

• Now part of Akur8's solutions suite, enhancing their reserves platform capabilities.

Recent Developments

• Acquisition: Akur8 has acquired Arius, a reserving solution, to expand core capabilities.

• Funding and Growth: Akur8 secured $120 million in a Series C round to accelerate growth, highlighting the rapid expansion and investor confidence.

• New Partnerships:

• Akur8 has formed multiple strategic partnerships including with Windward Risk Managers, Guidewire, and hyperexponential to broaden its technological and market reach.

• Collaborations with insurers like Farm Bureau Insurance Company of Idaho and Utica First have been initiated to bolster predictive modeling and enhance pricing processes.

• Awards and Recognition: Listed among the "World's Top Insurtech Companies" by CNBC and Statista for 2024.

• Product Enhancements: Continuous feature updates focused on increasing modeling speed and improving user experience.

Offices Worldwide

• Paris, France

• New York, USA

• London, UK

• Milan, Italy

• Cologne, Germany

• Tokyo, Japan

• Atlanta, USA

• Montreal, Canada

Conclusion

Akur8 is at the forefront of technological innovation in the insurance industry with its Next-Gen Pricing and Reserving Platform. Driven by a global presence and strategic innovations, it continues to redefine the standards of insurance pricing and reserving through transparency and machine learning capabilities. With ongoing developments in partnerships, acquisitions, and product enhancements, Akur8 remains a key player in transforming insurance processes globally.