(Senior team, Akur8 and Arius. Left to right: Ken Scalf, Samuel Falmagne, Charles Hoffman and Brune de Linares, Chief Client Officer, Akur8.)
Akur8 (Paris), the provider of insurance pricing solution powered by transparent machine learning, has announce its acquisition of Arius, a property/casualty reserving software for insurers and reinsurers, known for its innovative tools and methodologies that help insurers manage risk and improve financial performance.
Samuel Falmagne, CEO, Akur8.
Arius’s portfolio includes 150 insurance and consulting clients and over 1,500 users. More than one third of these clients are top-tier carriers in the U.S. and Canada, reflecting its strong foothold in the Tier 1 and Tier 2 market segments. As a trusted partner for insurers, Arius offers comprehensive reserving capabilities that set industry standards, according to an Akur8 statement.
“The insurance industry faces increasingly complex challenges, necessitating advanced solutions,” comments Samuel Falmagne, CEO, Akur8. “Actuaries and insurance professionals must navigate changing regulatory environments and ensure accurate reserving while managing risk and maintaining profitability. The Arius acquisition effectively addresses these concerns and is a significant milestone for Akur8. It strengthens our market standing, expands our product portfolio and customer base, and reinforces our strong relationship with Milliman.”
Ken Scalf, Property & Casualty Software Products Manager, Milliman.
Akur8 characterizes its acquisition of Arius from from Milliman, Inc. (Seattle), a global provider of actuarial, risk management, and technology solutions, as expanding Akur8’s product portfolio and introducing an innovative actuarial platform that significantly amplifies the value delivered to insurance carriers worldwide. With the combined strength of Akur8 Pricing and Akur8 Reserving, non-life insurance companies can drastically improve the speed, accuracy, and reliability of their core actuarial processes, through a comprehensive suite of tools designed to fully support actuaries and underwriters, the vendor says.
“Our ultimate vision is a fully integrated, next generation pricing and reserving platform that redefines actuarial best practices and combines the strengths of both Akur8 pricing and Arius, providing a best-in-class, comprehensive platform that elevates business performance and competitiveness,” adds Akur8’s Falmagne. “We are delighted to welcome the Arius team to the Akur8 family and know that together we will deliver even greater value to our clients.”
Charles Hoffman, Principal & Director, Software Development, Arius.
Meeting Insurers Evolving Actuarial Needs
“This acquisition combines Arius’s strength in reserving with Akur8’s cutting-edge approach to pricing, empowering us to deliver more comprehensive and forward-thinking solutions to our clients,” comments Ken Scalf, Principal, P&C Insurance Software Solution, Arius. “Together, we can drive significant advancements in the actuarial field and better meet the evolving needs of insurers worldwide.”
“Joining forces with Akur8 enables Arius to benefit from their SaaS and AI expertise, accelerating our product development and driving greater innovation for our clients,” says Charles Hoffman, Principal & Director of Software Development, Arius. “We’re excited to embark on this new chapter together.”
Dermot Corry, CEO, Milliman.
“We have been working with Akur8 for five years as they have developed their pricing tool, and over the course of that collaboration we recognized a significant opportunity for Arius to be paired with Akur8’s pricing software,” comments Dermot Corry, CEO, Milliman. “This is a natural extension of Milliman’s existing relationship with Akur8 and should result in benefits for our shared clients. We are particularly grateful for the contributions of our Arius colleagues and wish them the best of luck as part of Akur8’s impressive team. Milliman increased its equity interest in Akur8 as part of the transaction.”
Milliman Releases Arius Enterprise Cloud-Based Loss Reserving Solution
Georgia Farm Bureau Selects Akur8’s Core Platform
Bradesco Seguros Selects Akur8 for Risk Modeling and Pricing
{Categories} _Category: Platforms{/Categories}
{URL}https://iireporter.com/akur8-expands-core-capabilities-with-strategic-acquisition-of-arius-reserving-solution/{/URL}
{Author}Anthony O’Donnell{/Author}
{Image}https://iireporter.com/bradesco-seguros-selects-akur8-for-risk-modeling-and-pricing/embed/#?secret=mKjKDO3WZU#?secret=7kKWPxszQD{/Image}
{Keywords}News & Analysis,P&C,Underwriting{/Keywords}
{Source}Platforms{/Source}
{Thumb}{/Thumb}