Akur8, the next-gen pricing and reserving platform, is pleased to announce its new collaboration with Alpha Insure, a leading South African insurance underwriter that will harness the RISK, RATE and DEMAND modules of Akur8’s pricing platform to elevate its pricing processes to a new level of excellence.

Specifically developed for insurers, Akur8’s pricing solution empowers pricing teams to make better decisions faster, by automating risk modelling using proprietary transparent machine learning technology. The core benefits for insurers include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control of the models created.

Established in 2004 as a short-term insurance administrator for brokers, Alpha Insure has evolved into a key player in the South African insurance market, with an annual Gross Written Premium (GWP) approaching 2 billion Rand. Offering an extensive portfolio of both personal and commercial insurance products, Alpha Insure is dedicated to excellence and innovation, reinforcing its reputation as a trusted partner in risk management across South Africa’s dynamic insurance landscape.

By adopting Akur8’s Pricing platform for its Property & Casualty line of business, Alpha Insure will be equipped with a state-of-the-art, cloud-based solution to support its development in the coming months and years.

“We are excited to begin this new journey with Alpha Insure in South Africa. Two years after we entered the market, this fourth collaboration with a South African Insurer solidifies our position as the leading provider of pricing software for the insurance industry in the region,” said Samuel Falmagne, CEO at Akur8. 

“We had an excellent experience during our trial period with Akur8. The platform streamlined every modeling step required, offering an intuitive, user-friendly interface that empowers us to interpret models effectively and make adjustments with ease. We achieved exceptional results in risk model performance, gaining clear visibility into variables and their corresponding coefficients. The platform’s statistical analysis capabilities enabled us to model effectively, even on thin data sets, with transparent indicators of model reliability. Akur8 also streamlined post-modeling analysis, making it easy to build and compare rating models against current pricing strategies, and precisely identify affected populations. The overall process, from data upload to variable selection and statistical examination, proved to be quick and highly efficient, underscoring the platform’s usability and robust functionality,” added James Reid, Actuarial Executive at Alpha Insure.

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