Paris-based insurtech Akur8 has recently closed a Series B funding round of $30 million and plans for international expansion, media reports stated. The total funding of the firm has reached $42 million. Series A investors like BlackFIin Capital Partners and MTech Capital have also invested in Series B funding.
Akur8 emphasises its international expansion into the US and establishing a presence in the Asia-Pacific region in 2022. The funding will also be used for the product development pipeline to cover the full pricing suite, develop US tailored features, and create more value-added features to enhance existing modules.
Founded in 2008, Akur8 aims to transform insurance pricing with the help of its Transparent AI technology. The technology enhances non-life insurers’ pricing processes by automating risk and demand modelling. The insurtech expressed that it will empower actuaries and pricing teams to make better and faster decision.
The firm’s cloud-based solution automatically generates pricing models by letting actuaries retain complete control over the process. The high speed-to-accuracy fastens the pricing time to the market and offers insurers a highly robust and secure pricing process.
Samuel Falmagne, co-founder and CEO of Akur8, told the media, “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.”
In the past two years, the firm has acquired about 30 customers from 10 countries. It includes AXA, Generali, Munich Re, Canopius and Tokio Marine Kiln, and insurtechs like Wakam and wefox. About 350 users within the insurer’s pricing teams use the platform on a daily basis to calculate their pricing models.