AI-powered insurance pricing software developer Akur8 has established a partnership with wefox Insurance to bolster its presence in Germany.
The deal will see Akur8 help strengthen its pricing process. Akur8’s solution improves pricing capabilities by automating risk and demand modelling through AI technology. Through this, clients an get quicker results, whilst maintaining transparency and control over models created.
Munich Re facilitated the collaboration, which it claims underpins its vision of strategic reinsurance partnerships.
Akur8 chief of sales Brune de Linares said, at “This collaboration with wefox Insurance illustrates the depth and breadth of Akur8’s use cases, from global intermediated carriers to regional fully-digital InsurTechs. It also reinforces our presence in Germany, which is a highly strategic market for Akur8 in Europe.”
wefox supplies distribution partners with personalised tariffs, accurate and targeted pricing, and high reactivity.
wefox Insurance CEO Oliver Lang said, “We are thrilled to collaborate with Akur8. As a fully-digital real-time insurer, partnering with the best-in-class solution on the market is of tremendous value to us and our customers.
“Time to market is a core KPI for our central product factory. We’ve brought it down from months to a few weeks already. Akur8 will help us to further reduce the time to market for new tariffs to a couple of days. wefox Insurance and Akur8 are both committed to bringing more speed and fairness to their customers.”
Akur8 recently closed its Series B round on $30m, which has been earmarked to support its international growth. This expansion includes bolstering its position in the US market and establishing a presence in the APAC region.
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