Business Expanding Akur8, an insurance pricing platform/solution provider, establishes a Japanese subsidiary

Akur8, a French startup founded in 2018, has developed a machine-learning and data-driven insurance pricing platform that automates and optimizes pricing business processes in the insurance industry, and has been providing services to over 100 companies in 40 countries worldwide.

With the rapidly changing business environment of the insurance industry in recent years, the sophistication of pricing and underwriting is one of the most important factors for the sustainable business of insurance companies. In such business environment, the current insurance industry needs to accurately grasp various insurance needs, develop systems to respond quickly to dynamic changes and build robust risk models and create more value by forecasting future loss ratios with high accuracy. On the other hand, compared to other countries, Japan is facing challenges in terms of sophistication of pricing and underwriting due to strong regulations, which leads to long and uncertain rate revision process, and also due to lack of human resources capable of performing advanced insurance actuarial analysis.

Akur8 combines transparent machine-learning and predictive modeling to understand future risks and demands properly, enabling insurers to rapidly build more sophisticated (and more predictive) pricing models. Akur8 helps improve insurance pricing while maintaining high accuracy under regulatory constraints and also helps dramatically speed up the rate revision process without investing significant resources by utilizing machine learning technology to calculate premiums. In addition, insurance companies can apply the analytical data not only to pricing, but also to improving their top and bottom line of the business. The company established Akur8 Japan Co., Ltd. in May 2022, opened an office in Tokyo in January 2023, and has developed the business in order to provide its insurance pricing platform and services to more insurance companies and to support their clients’ business and ultimately to transform the insurance industry in Japan.