Akur8, the next generation insurance pricing and reserving solution powered by Transparent AI, is thrilled to announce its new collaboration with the Insurance Company of Prince Edward Island. The Canadian insurer will leverage the RISK and DEMAND modules of Akur8’s pricing platform to improve the efficiency of its model development process. This new partnership further strengthens Akur8's position in North America while reinforcing its growing presence in Canada just two years after entering the market.

ICPEI is a leading provider of personal and business insurance in Canada, working with brokers to deliver its products. By using Akur8, ICPEI plans to improve its process for developing models and to refine its existing rating plan. 

Specifically developed for insurers, Akur8’s pricing solution empowers pricing teams to make better decisions faster, by automating risk modeling 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.

“We are excited to partner with ICPEI, an insurance company renowned for its longstanding success in underwriting profitability. Their disciplined approach to risk selection perfectly complements our mission to empower actuarial and pricing teams with the tools to make smarter, faster decisions. We are confident that our platform will further enable their ongoing journey towards excellence,” said Samuel Falmagne, CEO at Akur8. 

“The success of the pilot program has paved the way for our ongoing collaboration with Akur8. This partnership highlights the transformative impact of technology and data-driven insights on traditional insurance practices, enabling us to identify and seize emerging opportunities. By integrating Akur8's platform into our operations, we will be well-positioned to navigate the evolving insurance landscape,” said Marc-Antoine Deom, Vice-President Operations at ICPEI.

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About Akur8

Akur8 is transforming the non-life insurance industry with its innovative suite of pricing and reserving solutions.

Our Next Gen Pricing and Reserving Platform combines cutting-edge technology with actuarial excellence to drive business value, bringing speed, performance, transparency, and reliability to insurers of all sizes.  

Akur8 serves 250+ customers across 40+ countries, including AXA, Generali, Munich Re, Promutuel, SGI, RSM and Tokio Marine. Over 3,000 actuaries use Akur8 daily to build their pricing models and reserving projections across all lines of business. 

Akur8's recent acquisition of Arius expands its core capabilities, bringing the leading reserving solution in-house. Click here to learn more.

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About ICPEI

Based in Charlottetown, the Insurance Company of Prince Edward Island (ICPEI) offers market-leading home, auto and commercial insurance solutions. Their products are sold exclusively through a network of brokers across all four Maritime Provinces, Quebec, Ontario, Alberta and British Columbia.

ICPEI has established a longstanding record of underwriting profitability, rooted in their disciplined approach to risk selection. Today, ICPEI has grown into the largest auto and home insurer headquartered in the Maritimes, and they continue to take pride in tailoring affordable insurance solutions for Canadian families and businesses.

Now the insurer subsidiary of Desjardins General Insurance Group (DGIG) that specializes in the sale of insurance products through a broker network, ICPEI is a member of the Property & Casualty Insurance Compensation Corporation which protects policyholders from insolvent insurers, the Facility Association of Canada and the Insurance Bureau of Canada.

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Media Contact 

For Akur8 

Edouard Dognin, Marketing Manager

edouard.dognin@akur8.com

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For ICPEI

Aurelie Dore, Marketing Coordinator

adore@icpei.ca

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