‍New York, NY – January 8, 2025

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Akur8, the next generation insurance pricing and reserving solution powered by transparent machine learning, is thrilled to announce that Farm Bureau Insurance Company of Idaho, the largest property-casualty insurance company headquartered in the Gem State, has selected Akur8’s Core Platform solution to streamline the development of high performing, explainable pricing models.

Developed explicitly for insurers, Akur8’s solution enhances pricing processes by using proprietary machine-learning technology. The core benefits for the P&C insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting.

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“We are thrilled to team up with Farm Bureau Insurance Company of Idaho and deepen our connections with other Farm Bureau Insurance carriers. Our advanced AI-powered solution will enhance their pricing team’s capabilities, enabling a more predictive and data-driven approach, without compromising their tradition of exceptional service and support,” stated Samuel Falmagne, CEO at Akur8.

Brune de Linares, Chief Client Officer at Akur8 agreed, “Our collaboration with Farm Bureau Insurance Company of Idaho reinforces Akur8’s value as a trusted solution for insurance companies across all lines of business. This partnership demonstrates the significant value we’ve delivered to Farm Bureau insurance companies, and we look forward to achieving even more together.”

“We’re excited to partner with Akur8 and implement their machine learning and predictive analytics capabilities into our pricing process. Combining different model types to estimate the true financial impacts of rate change, along with leveraging geographic insights, will enhance our team’s efficiency and accuracy, empowering us to deliver better, more informed pricing decisions,” noted Jay Call, Director of Actuarial at Farm Bureau Insurance Company of Idaho.

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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 P&C global carriers AXA, Generali, Munich Re, Europ Assistance, Tokio Marine and MS&AD; commercial P&C insurers TMNAS, FCCI, NEXT, HDVI and Canal; personal and commercial P&C insurers Cypress, Madison Mutual, Western Reserve Group and Georgia Farm Bureau; and specialty P&C insurers Canopius and Bass Underwriters.  Over 3000 actuaries use Akur8 daily to build their pricing models and reserving projections across all lines of business.

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ABOUT FARM BUREAU INSURANCE COMPANY OF IDAHO

Since its founding by Idaho farmers and ranchers in 1947, Farm Bureau Insurance Company of Idaho has helped provide peace of mind to Idaho families, farms, and businesses by protecting what matters most. Staying true to this mission for more than 77 years, the company has grown into the largest property-casualty insurer headquartered in Idaho, and ranks in the top three in overall premium among property-casualty insurers in the Gem State. In 2023, Farm Bureau Insurance Company of Idaho expanded into Washington state under the name Western Community Insurance to bring its over seven decades of experience to the broader Northwest community. In 2024, Farm Bureau Insurance Company of Idaho was ranked #5 on the prestigious list of the “Best Places to Work in Idaho.” Additionally, AM Best cited the company’s improved underwriting and operating performance as the reason behind its 2023 Financial Strength Rating upgrade from A- (Excellent) to A (Excellent). For more information, visit idahofarmbureauinsurance.com.

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The Casualty Actuarial Society (CAS) recently published a new monograph titled “Penalized Regression and Lasso Credibility,” authored by Thomas Holmes, Chief Actuary for the U.S. at Akur8, and Mattia Casotto, Head of Product for the U.S. and Principal Scientist at Akur8.  The monograph can be downloaded here.

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Press Contacts 

Heide Sacher

Head of Marketing for US

Akur8

908-977-6526

heide.sacher@akur8.com

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