Specifically developed for insurers, Akur8’s solution enhances their pricing processes by automating risk modeling, using transparent artificial intelligence proprietary technology.
Founded in 2018, Luko’s ambition is to move insurance from a model that is reaction-based to a model based on prevention. The company said it is currently the fastest growing InsurTech in Europe and the leading neo-insurer in France with over 200,000 policy holidays.
Luko started as a home insurance company for both homeowners and renters but has now since expanded with further insurance products and services.
Luko, which raised €50m in Series B funding at the end of 2020, also revealed it was to acquire Germany startup Coya earlier this month, to grow its European presence.
Akur8 has also been expanding its foothold in the continent, via a partnership with VIG Poland entities Beesafe and Compensa announced in 2021. The pair of partnerships meant Akur8 is now present in seven countries.
Insurance company AXA Luxembourg also recruited Akur8 to enhance its pricing process, the company’s first customer in Luxembourg. Munich-based ERGO travel insurance also teamed up with Akur8 to further enhance its expansion to multiple insurance product lines as the next generation pricing platform.
By choosing Akur8 to strengthen its pricing process, Luko said it is demonstrating its commitment to excellence and transparency. With Akur8, Luko will benefit from a faster and more sophisticated pricing process, while keeping full control of its risk models.
Brune de Linares, chief of sales at Akur8, said, “Luko is a rapidly growing InsurTech in Europe. This new alliance strengthens Akur8’s position as the leading pricing solution on the market. This collaboration demonstrates once again that Akur8 is able to support all insurers in the sophistication of their pricing process, whether they are traditional players or innovative InsurTechs.”
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