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BUSINESS

Akur8 boosts Munich Re’s consulting unit pricing capabilities

21/04/2021 09:54 AM

KUALA LUMPUR, April 21 -- Akur8 has announced its global cooperation agreement with Munich Re with a view to boosting Munich Re’s pricing capabilities for their Global Consulting Unit.

With this agreement, Munich Re will have access to a new state-of-the-art rate modelling solution, with Akur8 reinforcing its footprint by partnering with one of the world’s leading providers of insurance, reinsurance and insurance-related risk solutions. 

Based on a statement, this non-exclusive cooperation is global, with users in multiple Munich Re operating geographies.

All Munich Re entities and clients are set to benefit from the joint approach and tap into this solution.

Specifically developed for insurance, Akur8’s solution enhances insurers’ pricing processes by automating risk and demand modelling, using transparent Artificial Intelligence proprietary technology. 

The core benefits for insurers include a reduction in modelling time, accelerating time to market, increasing predictive power, while keeping full transparency and control over the models created.

Munich Re’s Global Consulting Unit is driving transformative change in insurance pricing via the application of data science and digitalisation, bundled with risk transfer. 

A dedicated global practice of several insurance pricing experts develop product and pricing solutions: all clients of Munich Re can tap into these via the reinsurance relations.

Akur8 will boost pricing capabilities, bringing increased value and pricing sophistication to customers, with a pricing tool that leverages AI in a transparent way. 

Munich Re teams will be using Akur8 for the end-to-end insurance pricing proposition.

-- BERNAMA

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