MGS Seguros takes its pricing process to the next level with Akur8 for its P&C offering in Spain

Akur8, the next generation insurance pricing solution, is pleased to announce that MGS Seguros has chosen its pricing platform. This new collaboration will empower its actuarial and pricing teams to build powerful, explainable pricing models and establish a robust predictive modeling framework for its auto and home insurance products.

Akur8, the next generation insurance pricing solution, is pleased to announce that MGS Seguros has chosen its pricing platform. This new collaboration will empower its actuarial and pricing teams to build powerful, explainable pricing models and establish a robust predictive modeling framework for its auto and home insurance products.

This new partnership highlights MGS Seguros’ commitment to innovation, while firmly establishing Akur8 as the top choice for non-life insurance companies seeking cutting-edge approaches to insurance pricing within the Spanish market.

Specifically developed for insurers, Akur8’s solution empowers pricing teams to make better decisions, faster, by automating risk modeling using proprietary transparent machine learning technology. The core benefits for insurers include increased predictive performance and speed-to-accuracy for higher market reactivity and immediate business impact, while maintaining full transparency and control of the models created.

“During the pilot phase, we were impresse by the efficiency of the Akur8 platform and its ability to meet our needs. We were able to import a large amount of data, create models for each coverage of our auto products, in an iterative and very agile way, and select the best model in a short period of time. We saved a considerable amount of time throughout the process, achieving a very efficient execution,” said Daniel Vila, Head of Pricing at MGS Seguros.

“We are happy to welcome the MGS Seguros actuarial team to our user community and to provide them with our state-of-the-art cloud-based pricing platform. We are proud to further strengthen our presence in Spain, as this demonstrates both our ability to meet insurers’ needs and the fact that our solution is establishing itself in the market as a benchmark of excellence in the pricing process,” said Samuel Falmagne, CEO of Akur8.