Akur8

What is Akur8?

Akur8 is an advanced actuarial pricing software designed to enhance insurance pricing models and reserving processes. It leverages Transparent Machine Learning (TML) and Predictive Analytics for insurance to help insurers optimize risk modeling, improve decision-making, and ensure regulatory compliance. By automating key actuarial tasks, Akur8 enables pricing teams to build models more efficiently while maintaining full transparency and control.

Key Features of Akur8

1. Pricing Optimization

• Cloud-Based & Scalable: Offers integration with API access.

• No-Code Insurance Pricing Software: Designed for accessibility to actuaries and analysts.

• Advanced Pricing Modeling: Incorporates risk and demand analytics for precise pricing.

2. Reserving Capabilities

• Automated Reserving Software: Moves away from spreadsheet reliance with real-time calculations.

• Custom Insurance Reporting: Provides configurable templates for reserving insights.

• Regulatory Compliance Tools: Includes tracking tools for insurance risk management.

3. Efficiency and Performance

• Faster Insurance Data Processing: Reduces manual workload and improves decision-making speed.

• Data-Driven Actuarial Insights: Supports pricing accuracy with predictive analytics for insurers.

• Collaborative Actuarial Platform: Enables teamwork with shared access features.

Considerations

Advantages:

• Enhances insurance modeling and pricing processes

• Supports transparency in actuarial pricing and regulatory alignment

• No-code actuarial software accessible to all users

• Cloud-based insurance analytics for scalability and reliability

Challenges:

• May require initial training for full utilization

• Not all insurance pricing structures may be suitable for smaller firms

Industry Usage

Organizations using Akur8 have reported improvements in insurance risk assessment, pricing model efficiency, and transparency. Some have noted reductions in modeling time and faster implementation of actuarial pricing strategies.