Paris-based Akur8 is a fast-growing insurtech startup, which operates with the objective to revolutionise the insurance pricing activities that leverage unique AI algorithms. It provides AI-powered pricing automation as well as optimisation for insurance carriers. The company has developed a unique cloud-based SaaS platform that is used by insurers across Europe and the US.
Founded in 2018 by Samuel Falmagne, Akur8’s insurtech solution lets insurers to build risk models that are over 10 times faster than the manual process. Also, it reduces the pricing time to market from weeks to hours. The technology used by Akur8 is fully compliant with regulatory requirements followed by global markets.
Bags €8M funding
The French insurtech startup Akur8 has raised €8 million Series A funding from BlackFin Capital Partners and MTech Capital. This brings the overall funding raised by the company to €10 million. It has been revealed that the investment will be used to accelerate its expansion into the international markets across Europe and the US.
Unique AI approach
The company has developed a differentiated AI-based solution for pricing and risk modelling. Akur8’s unique AI algorithm brings automation into the insurance pricing process. Eventually, it provides complete transparency and ensures compliance with local insurance regulatory standards.
Samuel Falmagne, Co-founder and CEO of Akur8, said: “When we embarked on building Akur8, we were passionate about offering a truly novel solution for the insurance industry. We are proud to have developed a product that gives carriers the ability to meet customers’ expectations for real-time pricing while improving the accuracy of their risk assessment, thus significantly reducing their loss ratio.”
Role of AI in insurtech
In the current scenario, insurance companies are facing tough competition. The key differentiating factor is the pricing sophistication brought in by these companies. Until recently, pricing processes have been manual, inefficient, and lengthy. Artificial Intelligence has the potential to improve the process.
Main image picture credits: Akur8
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