PARIS & NEW YORK & LONDON–(BUSINESS WIRE)–Akur8 is pleased to announce the collaboration with pet health and insurance company Bought By Many to help increase the insurtech’s pricing capabilities. Through the partnership, Akur8 reinforces its presence in the UK, and further expands its area of expertise with a new line of business: pet health and insurance.
Specifically developed for insurers, Akur8’s solution enhances pricing processes by automating risk modeling, using Transparent Artificial Intelligence proprietary technology. 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 over the models created.
Since launching exclusively into pet insurance in the UK in 2017, Bought By Many has quickly become a fintech success story. The company expanded into the Swedish market in 2019 and earlier this year crossed the Atlantic to launch a state-by-state roll out in the US, both under the ManyPets brand. The group now insures half a million pets globally. In June 2021, the company gained unicorn status after securing a valuation of over $2bn following a $350m Series D funding round through its holding company Many Group. The investment has helped support Bought By Many’s global expansion and drive product development beyond its market-leading insurance offer.
Choosing Akur8’s best-in-class solution aligns with Bought By Many’s vision of making the world a better place for pets and will provide Bought By Many with enhanced pricing capabilities, including exceptionally fast and transparent automated modeling.
“Bought By Many is our first customer specialized in pet insurance, and we are delighted to announce this collaboration! Akur8 is honored to support Bought By Many in its fast and impressive global development. This new alliance reflects Bought By Many’s dedication to innovation in technology and service as well as transparency”, said Samuel Falmagne, CEO at Akur8.
“We are thrilled to add pet insurance as a new line of business in our portfolio, and to strengthen our position in the UK insurance market. As an exponentially growing insurer, Bought By Many is a great reference and we are proud to be working with them”, stated Brune de Linares, Chief of Sales at Akur8.
“We are continuing to revolutionize how owners access pet health services, products and advice. This means improving all stages of the pet ownership journey including pricing. Working with Akur8 and a new pricing solution will help us further improve our time-to-market and to deliver an even more outstanding customer experience as we continue to grow”, commented Charlotte Halkett, Chief Commercial Officer at Bought By Many.
“We are very pleased with Akur8’s performance. This solution will allow us to improve our modeling performance and to increase our speed-to-market, which is key to fuel our ambitious growth plans”, added Charlotte Ball, Pricing Lead at Bought By Many.
Akur8 is revolutionizing insurance pricing with transparent AI. Akur8 developed a unique AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide. Akur8 is the only solution on the market reconciling Machine Learning and Actuarial worlds.
Meet Bought By Many & ManyPets.
UK | SWEDEN | USES
We’re making the world a better place for pets and their parents with award-winning pet insurance and access to pet health and wellness services. We’re reaching pet parents around the world, and now look after half a million pets globally. There’s a reason pet owners voted us Pet Insurance Provider Of The Year 2021. Actually, there are a few reasons. We offer the most comprehensive pet insurance policy in the UK with up to £15,000 of annual vet fee cover that resets every year plus we include cover for dental illness as standard. We help pet parents take care of all aspects of their pet’s health – for happier, healthier pets.