January 11, 2024

๐Ÿข Quincy Mutual Group Selects Akur8โ€™s Core Platform Solution to Expand Their Pricing Capabilities Across Personal and Commercial Lines of Business

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New York, NY โ€“ January 11, 2024

Akur8, the next generation insurance pricing solution powered by transparent machine learning, is excited to announce its new partnership with Quincy Mutual Group, one of the oldest and most respected regional mutual insurance companies in the United States, offering a wide range of insurance products to protect the property and liability needs of individuals and businesses. Quincy Mutual has selected Akur8โ€™s comprehensive Core Platform solution. This strategic move empowers their actuarial team to quickly build comprehensive models, implement model testing into their pricing process, enhance rate evaluations, and incorporate a more data-driven approach for delivering meaningful insights to internal stakeholders. This partnership marks a significant expansion of Akur8โ€™s footprint in the U.S. mutual insurance sector.

Developed explicitly for insurers, Akur8โ€™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.

โ€œThe Akur8 team is thrilled to team up with Quincy Mutual Group and provide our Core Platform solution to empower their pricing team. Partnering with such an established and reputable mutual insurance company such as Quincy signifies the continued growth for Akur8 within the U.S. mutual insurance market,โ€ stated Samuel Falmagne, CEO at Akur8.
Brune de Linares, Chief Client Officer at Akur8 agreed, โ€œOur alliance with Quincy Mutual is a testament to the strength of Akur8โ€™s solution for U.S. insurance companies of all sizes across all lines of business. We are excited to build a strong partnership with Quincy Mutual as part of our ongoing expansion efforts within the U.S.โ€

Founded in 1851, Quincy Mutual has upheld its mission to provide quality products and services to its policyholders. The company is an A+ rated company by A.M. Best, and has held the distinction for over sixty years. Quincy Mutual offers a wide range of personal home and auto insurance coverages, as well as commercial auto, business owners insurance, and umbrella insurance. With a promise to build on the integrity and values it has built over the past century, Quincy Mutual continues to implement innovative solutions such as Akur8 to provide the best service to its customers.

Todd Lehmann, Chief Actuary at Quincy Mutual, noted, โ€œTeaming up with Akur8 and utilizing their Core Platform is a win-win scenario for us. It has empowered our pricing team to transform their prior rate review process, shifting to a more data-driven approach, while also increasing our overall speed to market and streamlining complex ratemaking and modeling tasks.โ€

ABOUT AKUR8

Akur8 is revolutionizing non-life insurance pricing with Transparent Machine Learning, boosting insurersโ€™ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control.

Our modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators. With Akur8, time spent modeling is reduced by 10x, the modelsโ€™ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%.

Akur8 already serves 100+ 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 and Western Reserve Group; and specialty P&C insurers Canopius and Bass Underwriters. Over 900 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8โ€™s strategic partnerships include Milliman, Guidewire, Duck Creek and Sapiens.

ABOUT QUINCY MUTUAL

Quincy Mutual Fire Insurance Company offers a wide range of insurance products to protect the property and liability needs of individuals and businesses. Founded in 1851, they offer these policies through more than 500 Independent Insurance Agents located throughout the New England states as well as New York. Together with its wholly owned subsidiary in Maine, The Patrons Oxford Insurance Company, the Quincy Mutual Group writes over $275 million of insurance premiums. Quincy Mutual is Rated A+ (superior) by A.M. Best, the leader in insurance company evaluations. They are proud to have earned that designation for more than 50 consecutive years. For more information, please visit www.quincymutual.com and follow their LinkedIn page.

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PRESS CONTACTS

Heide Sacher

Head of Marketing for U.S.

Akur8

908-977-6526

heide.sacher@akur8.com

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