AXA Tianping Partners with Akur8 to Strengthen Pricing Process
Leading foreign P&C insurer in China harnesses the power of AI to accelerate digital transformation
PARIS & SHANGHAI, CHINA--(Business Wire / Korea Newswire) May 31, 2022 -- AXA Tianping Property & Casualty Insurance Co., Ltd. (“AXA Tianping”), one of China’s largest and most diversified P&C insurers, and Akur8, an AI-driven insurance pricing technology company, are delighted to announce their collaboration to further enhance AXA Tianping’s pricing process with Akur8’s high-performing AI technologies. With this partnership, AXA Tianping’s actuaries and pricing team will officially deploy Akur8 to unlock new potential with unique analytical insights and advanced pricing automation. AXA Tianping will become the 13th AXA entity and the first insurer in China to use Akur8 - a testament to its commitment to continuous innovation and improvement to better serve its customers.
Thanks to Akur8’s Transparent Artificial Intelligence proprietary technology, AXA Tianping will be able to shorten the time-to-market by automating rate modeling with machine learning in the pricing process, as well as improve the performance of policies with robust AI-driven predictive power. Staying true to its customer-centric approach to products and services, AXA Tianping will leverage Akur8’s next-generation technologies to respond more promptly to dynamic risk environment. It will also roll out a diverse portfolio of well-priced products to meet evolving customer demands, while maintaining full transparency and strong control.
AXA Tianping and Akur8 share the same global expertise and strong commitment to grow in the Chinese market. Fully owned by AXA Group, AXA Tianping provides a comprehensive range of high-quality, personalized products and services across health, motor, lifestyle, and commercial lines. Deeply rooted in China for more than 20 years, the company currently serves over three million customers nationwide and boasts a footprint of 25 branches across China. As AXA Tianping deepens its “Payer-to-Partner” strategy and strives to empower clients in every aspect of their lives, this partnership with Akur8 will enable the company’s professional actuaries and pricing team to focus on what matters the most - customers and products - and make the most informed decisions at a faster speed, driving tangible business impact and growth in the Chinese market.
“Akur8 brings in cutting-edge technologies to our pricing process, which helps us continue to strive for technical sophistication and empowers us to deliver valuable insurance solutions to our customers more efficiently while ensuring utmost transparency and control. We believe Akur8 will not only be an important asset to our team’s work along the whole pricing value chain, but also of great value to our customers for providing increased personalization and targeted pricing in a dynamic marketplace. We look forward to working with Akur8 in unlocking the potential of our business,” stated Scott Yin, Chief Pricing Officer & Chief Actuary at AXA Tianping.
“We are delighted to announce this collaboration with AXA Tianping in China. AXA Tianping is a well-established and renowned insurer, and we are looking forward to supporting its actuarial department in its best-in-class strategy and innovative explorations. APAC has always been a strategic market for us. We have been building our presence there for a while now, across various geographies and insurance lines. This collaboration is an exciting way for Akur8 to enter the Chinese P&C insurance market and to strengthen its global relations with AXA”, said Samuel Falmagne, CEO at Akur8.
By forging this synergetic partnership with Akur8, AXA Tianping demonstrates its strong commitment to embracing best-in-class technologies and leveraging its technical sophistication globally to serve the local market. AXA Tianping will continue to serve its customers with a comprehensive suite of tailor-made products and services efficiently and effectively, safeguarding its customers from all walks of life as a true partner throughout their entire life journey.
About AXA Tianping
A member of AXA Group, AXA Tianping (registered in China as AXA Tianping Property & Casualty Insurance Co., Ltd.) is one of China’s largest and most diversified global insurers, providing a comprehensive range of high-quality, personalized products and services to meet the evolving needs of customers across Health, Commercial Lines and Property & Casualty. The company currently serves over five million individual and commercial customers nationwide, and boasts a footprint of 25 branches in 20 provinces across China. Transitioning to a focus on Health, AXA Tianping is today leveraging a customer-centric ’Payer-to-Partner‘ strategy in China, along with innovative technology and distribution, to empower clients in every aspect of their daily lives. In 2019, China Banking and Insurance Information Technology Management (CBIT) recognized its award-winning services with an “AA” rating, the highest in the country. In 2021, the company was awarded The Insurance Brand of the Year at the 16th Annual Finance Summit of Asia and in 2020, the company was recognized with an ’International General Insurer of the Year‘ award from Insurance Asia and was also recognized in 2021 and 2020 with an “A-rating” from S&P Global Ratings, reflecting the company’s strong global influence and firm commitment to the local market. AXA Tianping first became a member of the AXA Group as a Joint Venture company in 2014, before becoming fully-owned in 2019. Headquartered in Paris, France, AXA Group itself is today one of the world’s leading insurance and asset management groups. In 2021, it was ranked 46th on the Fortune Global 500 List of the world’s largest companies. It has been operating in China for over 20 years offering the full range of insurance and protection solutions to its local and global clients.
Akur8 is revolutionizing insurance pricing with transparent AI. Akur8 developed a unique AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide. Akur8 is the only solution on the market reconciling Machine Learning and Actuarial worlds.
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