AXA partners with AI insurtech Akur8 to transform pricing process in Spain
AXA Spain, a part of global re/insurer AXA, has partnered with artificial intelligence-powered insurtech Akur8 to improve its insurance pricing process.
Akur8’s solution, developed specifically for insurers using transparent AI proprietary technology, enhances pricing processes by automating risk and demand modeling. It provides insurers with greater speed-to-accuracy, while maintaining full transparency and control on the models created.
AXA hopes this partnership will enable it to significantly accelerate time-to-market, and offer more targeted prices with a higher degree of personalisation to its customers.
"Our partnership with Akur8 reinforces our commitment towards customer-centricity, allowing us to bring as much personalisation as possible to our policyholders, a founding pillar of our strategy in Spain," said Nuria Fernández, retail customer offer director and actuarial director at AXA Spain. "It also illustrates our push for differentiation through innovation and digital transformation, especially in complex times."
Enrique Rodríguez, head of personal actuarial department at AXA Spain, added: "Akur8 allows for a reduction in modeling time, enabling us to build new prices much faster and significantly decreasing our time-to-market, while increasing the productivity of our team."
Akur8 said the deal marks its first partnership in Spain, which will help accelerate its expansion across Europe.
“Forging a partnership in Spain is a great milestone for Akur8’s expansion, reinforcing our footprint in Europe," said Brune de Linares, chief of sales at Akur8. "AXA Spain will empower their team of 36 pricing actuaries to leverage Akur8 across all lines: personal, commercial and health, on both direct and intermediated business."
Samuel Falmagne, CEO at Akur8, added: “Akur8 is thrilled to announce this partnership with AXA Spain, to provide them with a state-of-the-art solution to bring pricing sophistication to an entirely new level and bolster innovation in a process as strategic as pricing. AXA Spain is making a forerunner move in the Spanish market to bring more transparent and tailored prices to their customers."
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