Akur8 and MS&AD Insurance Group Announce Strategic Partnership
PARIS & TOKYO--(Business Wire / Korea Newswire) June 07, 2022 -- Akur8 and MS&AD Insurance Group are pleased to announce their new partnership to foster further innovation. With this deal, Akur8 continues to expand in Asia and beyond, hand-in-hand with a leading global insurer.
Specifically developed for insurers, Akur8’s solution enhances model development processes by automating risk modeling, using Transparent Artificial Intelligence proprietary technology. 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 on the models created.
The partnership has started with Mitsui Sumitomo Insurance Co., Ltd. (MSI), a part of MS&AD Insurance Group, which comprises five major insurers and benefits from over a hundred years of experience in the insurance industry. MS&AD Insurance Group covers 50 countries and jurisdictions worldwide, and is the largest insurer in terms of non-life insurance premiums in the ASEAN region. Over the years, MS&AD Insurance Group has formed alliances with prestigious partners, and this strong partnership with Akur8 shows its commitment to innovation, collaboration and integrity.
“Akur8 is delighted to announce this partnership with MS&AD Insurance Group! We are proud to support such a top-tier insurer. This is definitely a key milestone for Akur8’s growth in Asia-Pacific as well as an important step for our global development”, says Samuel Falmagne, CEO at Akur8.
“We foster innovation through various initiatives, and value integrity and fairness: Akur8’s transparent solution is perfectly aligned with these core principles. Akur8 will provide us great potentialities to be able to become the company and the group which sustainably have capabilities to develop various products and services for realization of a safe and secure society”, states FUJIOKA Takeshi, Section Manager of International IT Planning Section in MSI’s IT Planning department.
“We highly appreciate Akur8’s great capability: quick and high degree of control over the models, and the no-code and friendly user interface. We also aim to expand the potential business partnership with Akur8 to the other Japanese Domestic Insurance business like Aioi Nissay Dowa Insurance Co., Ltd. as well as the overseas network covering to strengthen the group synergies”, adds SUZUKI Tomohiro, Manager of Innovation Section in MS&AD Insurance Group Holdings’ Digital Innovation department.
About MS&AD Insurance Group
MS&AD Insurance Group Holdings, Inc. is a leading global insurance organization, engaging in the management of its group companies which are Mitsui Sumitomo Insurance Co., Ltd., Aioi Nissay Dowa Insurance Co., Ltd. and others. Our mission is to contribute to the development of a vibrant society and help secure a sound future for the planet. MS&AD Insurance Group enables safety and peace of mind through the world-leading insurance and financial service businesses to customers in 50 countries and jurisdictions. For a sustainable and resilient society, MS&AD Insurance Group commits to build on creating shared value with stakeholders.
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 - enabling customer lifetime value based price optimization.
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This is a news release distributed by Korea Newswire on behalf of this company.