Alpha Insure partners with Akur8 to integrate machine learning into its pricing strategy. The collaboration will optimise underwriting, improve predictive accuracy, and enhance pricing efficiency for Alpha Insure’s personal and commercial insurance offerings.
Akur8, a next-generation pricing and reserving platform, has been selected by Alpha Insure, a leading South African insurance underwriter, to enhance its pricing process. This collaboration will see Alpha Insure integrate Akur8’s RISK, RATE, and DEMAND modules into its operations, aiming to optimise underwriting and pricing strategies for its growing portfolio of personal and commercial insurance products.
Founded in 2004, Alpha Insure has become a prominent player in South Africa’s insurance sector. Initially a short-term insurance administrator for brokers, it has since expanded into providing a wide range of products, with an annual Gross Written Premium (GWP) nearing 2bn Rand. Alpha Insure is known for its commitment to innovation and customer-centric risk management. By adopting Akur8’s cloud-based platform, Alpha Insure seeks to modernise its pricing strategy, improve market reactivity, and drive long-term growth.
Akur8’s platform leverages advanced machine learning technology to improve predictive accuracy and speed up risk modelling. It allows Alpha Insure’s underwriting team to make faster, more informed decisions while maintaining transparency and full control over pricing models.
Akur8’s technology has significantly streamlined our pricing process, offering an intuitive interface that makes it easy to interpret and adjust models.”
James Reid, Actuarial Executive at Alpha Insure
The platform’s statistical analysis capabilities enable Alpha Insure to model effectively, even with limited data, while also ensuring transparent indicators of model reliability. Akur8’s machine learning technology also simplifies post-modelling analysis, allowing the company to build and compare rating models against existing pricing strategies, identifying populations that may be impacted by pricing changes.
Akur8, established in 2015, is renowned for its automated risk modelling solutions for insurers. Its core benefits include enhanced predictive performance and a streamlined workflow that enables insurers to respond quickly to market changes and make data-driven pricing adjustments.
We are thrilled to begin this new journey with Alpha Insure. This partnership marks our fourth collaboration with a South African insurer, cementing our position as the leading provider of pricing software in the region.”
Samuel Falmagne, CEO of Akur8
Through this strategic partnership, Alpha Insure aims to enhance its pricing capabilities and continue to deliver innovative and customer-focused insurance solutions in South Africa.
