Insurtechs team up for data-driven specialty and commercial pricing solution

Hyperexponential has teamed up with Insurtech 50 firm Akur8 to offer insurers a new-data-driven system for pricing specialty and commercial insurance products.

A statement released today (20 November 2023) said the deal will see the two firms combine their pricing decision intelligence (PDI) capabilities to enhance underwriter insights.

The new offering will allow insurers to integrate rating factors calibrated in Akur8 into pricing models built in hyperexponential’s platform hx Renew, where the rating factor will be adjusted based on additional data and underwriter insights.

The pricing decision data can then be pulled from hx Renew, integrated with claims data and sent back to Akur8 to recalibrate the rating factor.

“We’re delighted to partner with hyperexponential,” Samuel Falmagne, chief executive at Akur8, said.

“We not only provide complementary tools across the value chain, we also share the same values – pushing boundaries while deeply supporting customers.

“This partnership will allow us to better address the needs of a specific market with a common goal: empowering specialty and commercial insurers to make truly data-driven decisions.”

Challenges

Richard Gunn, chief revenue officer at hyperexponential, said the two firms had made the move to help insurers overcome “two key challenges”.

He claimed the first was that they were leaving money on the table by relying on “outdated pricing practices”, with the second being the process of managing the ”integration burden of a significant transformation initiative”. 

“Through our partnership with Akur8, we are targeting a material improvement to our customer’s combined ratios, whilst reducing the burden on IT and the business,” Gunn added.