Akur8, a provider of AI enabled actuarial models, has formed a strategic partnership with Milliman, the leading independent actuarial consulting firm globally.
Milliman's consulting actuaries will deploy Akur8's pricing models, informed by advanced data analytics that is made possible by AI and a cloud computing platform. We expect the combination of Akur8's cutting edge models and Milliman's industry expertise and global network to take the staid actuarial world by storm.
MTech Capital co-led Akur8's Series A financing in 2020 and participated in their $30m Series B financing in 2021. Akur8 works with many of the largest (re)insurers in the world including Axa, Generali and Munich Re.
“Akur8 is a breakthrough innovation in the insurance pricing software landscape. They managed to automate the data-driven part of the pricing process while enabling actuaries and pricing teams to retain complete control over it,” says Sheri Scott, a principal and consulting actuary at Milliman. With this alliance, Milliman’s actuarial and risk expertise is paired with Akur8’s revolutionary AI-driven pricing software to transform the ratemaking and pricing process for P&C insurers globally. By offering Akur8 in conjunction with Milliman’s expertise, national and multinational P&C carriers can expect a scalable solution that includes improved end-to-end pricing efficiency, expert pricing teams, faster time-to-market, greater modeling accuracy, improved internal governance and complete compliance.