Millennial Specialty Insurance (MSI) Partners with Akur8 to Enhance Pricing Capabilities in Personal Insurance
Millennial Specialty Insurance (MSI), a non-carrier-affiliated managing general agency (MGA) in the US, has partnered with Akur8 to enhance its pricing capabilities across personal lines of business. This collaboration will see MSI adopting Akur8’s ‘Risk and Rate modelling’ solution to streamline its pricing team’s decision-making processes.
The goal of this partnership is to improve efficiency and accuracy in pricing, reflecting Akur8’s efforts to grow within the personal insurance segment in the US. Akur8’s proprietary machine learning (ML) technology is designed to augment insurers’ pricing processes, offering benefits such as faster model building, transparent generalised linear model (GLM) outputs, and enhanced data-driven underwriting capabilities.
The modular pricing platform not only automates premium modelling but also ensures that insurers can maintain full control of their models, a necessity for compliance with regulatory standards. Akur8 claims that the use of its modelling solution results in a tenfold reduction of modelling time and a 10% growth in predictive power. Additionally, the potential for loss ratio improvement is projected to rise by 2%-4%.
With a global reach extending to over 130 customers in more than 40 countries, Akur8’s ML technology is making waves in the insurance industry. MSI predictive modelling manager Fan Feng expressed excitement about the collaboration, stating that it will allow the agency to leverage innovative technology to enhance risk assessment capabilities, streamline operations, and deliver competitive pricing to clients.
Since its founding in 2015, MSI has expanded its offerings to include a diverse range of insurance products, including high-value homeowners insurance, digital renters coverage, and complex commercial coverages. With a customer base exceeding one and a half million and more than $900m in written premium, MSI is focused on delivering tailored solutions for the evolving risks faced by both individuals and businesses.
In a similar move, Danish insurance company LB Forsikring recently selected Akur8’s tool to improve its pricing capabilities in P&C insurance. This trend of insurers partnering with technology providers to enhance pricing processes underscores the industry’s shift towards data-driven decision-making and automation.
Overall, the collaboration between MSI and Akur8 highlights the growing importance of ML technology in the insurance sector. By leveraging advanced analytics and automation, insurers can improve pricing accuracy, streamline operations, and ultimately deliver better outcomes for their clients.