Akur8 Partners with Tune Protect Malaysia for Enhanced Insurance Pricing
Akur8, an international provider of actuarial technology, has entered into a strategic partnership with Tune Protect Malaysia. This agreement sees the Malaysian digital insurer integrating Akur8’s machine-learning driven platform to enhance pricing capabilities within its property and casualty insurance operations.
Tune Protect Malaysia, part of the Tune Protect Group Berhad, will leverage the advanced pricing tools offered by Akur8 to refine their data-centric pricing strategies. This move aims to help the insurer offer competitive insurance products effectively tailored to the dynamic insurance landscape.
Akur8’s platform is designed to optimize insurance pricing activities through its proprietary machine-learning technology. This platform aids in the rapid creation of models while offering transparency and clarity in pricing outputs, which facilitates better communication among underwriting, pricing, and other relevant departments.
The use of Akur8's technology by Tune Protect is expected to expedite pricing cycles, enhance cooperation, and ensure better governance in pricing decisions. The structured modeling and transparent processes provided by Akur8 allow for streamlined operations, moving away from traditional spreadsheet-based methods. This transition enables quicker model adjustments and offers readily available insights backed by clear and traceable data.
As pricing processes become more streamlined, Tune Protect anticipates an improved ability to adapt swiftly to market shifts, ensuring alignment among various sectors such as pricing, underwriting, and overall business strategy. Hans-Joachim Zimmermann, representing Tune Protect Malaysia, emphasized the benefits of Akur8's tools, noting that the Risk and Rate modules provide advanced diagnostics and simplify the usual complex analysis, leading to significant efficiency improvements.
Samuel Falmagne, the CEO of Akur8, expressed pride in the collaboration, highlighting their role in supporting Tune Protect’s journey towards more agile and transparent pricing practices.