Automating insurance pricing is a big business, and the world of AI is coming at it “full pelt.” The latest is Akur8, an insurtech automating insurance platform whose “Transparent AI” product is trying to eat into the incumbent large business of Willis Towers Watson, among others.
It’s now closed a Series B funding round of $30 million led by an undisclosed investor. This brings its total funding to $42 million. The round is to support international expansion.
Akur8 is used by actuaries and pricing teams to make faster decisions about insurance pricing.
Customers include AXA, Generali and Munich Re, specialty insurers Canopius and Tokio Marine Kiln, insurtechs Wakam and wefox, as well as mutualistic player Matmut.
Samuel Falmagne, co-founder and CEO of Akur8 commented: “We are happy to announce the closing of our Series B funding round and are grateful for the support we have seen from our investors. This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our international expansion in the U.S. and APAC, and equip P&C and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelessly.”
Julien Creuzé, partner at BlackFin Capital Partners said: “The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next-generation pricing platform across insurance carriers worldwide. We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”