Akur8, the next generation insurance pricing and reserving solution powered by transparent machine learning, is thrilled to announce that Farm Bureau Insurance Company of Idaho, the largest property-casualty insurance company headquartered in the Gem State, has selected Akur8’s Core Platform solution to streamline the development of high performing, explainable pricing models.
Developed explicitly for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for the P&C insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting.
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“We are thrilled to team up with Farm Bureau Insurance Company of Idaho and deepen our connections with other Farm Bureau Insurance carriers. Our advanced AI-powered solution will enhance their pricing team’s capabilities, enabling a more predictive and data-driven approach, without compromising their tradition of exceptional service and support,” stated Samuel Falmagne, CEO at Akur8.
Brune de Linares, Chief Client Officer at Akur8 agreed, “Our collaboration with Farm Bureau Insurance Company of Idaho reinforces Akur8’s value as a trusted solution for insurance companies across all lines of business. This partnership demonstrates the significant value we’ve delivered to Farm Bureau insurance companies, and we look forward to achieving even more together.”
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“We’re excited to partner with Akur8 and implement their machine learning and predictive analytics capabilities into our pricing process. Combining different model types to estimate the true financial impacts of rate change, along with leveraging geographic insights, will enhance our team’s efficiency and accuracy, empowering us to deliver better, more informed pricing decisions,” noted Jay Call, Director of Actuarial at Farm Bureau Insurance Company of Idaho.
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