Foyer Partners with Akur8 Actuarial Platform to Improve Pricing

On Thursday 23 May 2024, Luxembourg insurance company Foyer announced its decision to partner with Akur8 to improve the efficiency and performance of its pricing process.

Thanks to Akur8's "next-generation" insurance pricing solution, Foyer expects to be able to make "high-impact decisions more quickly" and directly improve the company's performance through "fairer and more sophisticated" pricing.

Specially developed for insurers, the Akur8 solution aims to improve their pricing using proprietary technology based on Transparent Artificial Intelligence. In a "highly regulated" and "competitive" sector, the readability of models is one of the keys to the Akur8 solution, "combined with better performance based on increased predictability and modelling speed", noted Foyer.

Foyer has been in business for more than a century and currently serves more than 440,000 individual, corporate and institutional clients in ten European countries. the firm described its partnership with Akur8 as "a further illustration of the company's values of innovation, excellence and integrity".

"Akur8 provides a competitive advantage both technically and in terms of governance. With more robust and usable models combined with clear and automated documentation and reporting, it will be easier for us to leverage the actuarial expertise of our underwriting team to make more informed decisions," said Charlotte Thomas, Head of Actuarial and Profitability at Foyer.

Foyer added that it intends to use Akur8's capabilities to improve the robustness of its pricing models, while making it easier to compare technical and commercial premiums for its motor, multi-risk home and health insurance lines. The Akur8 solution is also expected to be an asset for reporting and decision making, with its collaborative features and transparency throughout the pricing process.

"We are very proud of this alliance with Luxembourg's leading insurer. We look forward to working with Foyer's teams to simplify and perfect their existing processes while facilitating their governance in terms of underwriting," added Samuel Falmagne, CEO of Akur8.