China’s Leading Foreign P&C Insurer Uses the Power of AI to Accelerate Digital Transformation
PARIS and SHANGHAI, China, May 31, 2022-(BUSINESS WIRE)-AXA Tianping Property & Casualty Insurance Co., Ltd. (“AXA Tianping”), one of China’s largest and most diversified P&C insurers, and Akur8, an AI-based insurance pricing technology company, are pleased to announce their partnership to improve the insurance pricing process. AXA Tianping thanks to the high performance AI of Akur8. In this partnership, AXA Tianping’s actuaries and pricing team will officially deploy Akur8 to unlock new potential through unique analytics and advanced pricing automation. AXA Tianping will be AXA’s 13th entity and the first insurer in China to use Akur8, demonstrating its commitment to innovation and continuous improvement to better serve its customers.
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With Akur8’s continuous artificial intelligence, AXA Tianping will be able to reduce its time-to-market through rate modeling automation by integrating machine learning into its pricing process, as well as improve the performance of its products. its insurance policy thanks to the strong predictive power of AI. In line with its customer -centric approach to products and services, AXA Tianping will use next -generation Akur8 technology to more quickly adapt its products to a dynamic risk environment. AXA Tianping will also deploy a diverse portfolio of fair -priced products to meet evolving customer needs, while maintaining full model transparency and control.
AXA Tianping and Akur8 share the same global expertise and a strong commitment to grow in the Chinese market. Wholly owned by AXA Group, AXA Tianping offers a comprehensive range of high quality personalized products and services in the fields of health, automotive, daily life and commercial insurance. Firmly established in China for over 20 years, the company currently serves more than three million customers nationwide and has 25 branches throughout China. As AXA Tianping deepens its Payer-to-Partner approach and strives to support its customers in all aspects of their lives, this partnership with Akur8 will allow the insurer’s actuaries and pricing teams to focus on what matters most – customers and products – and provide informed faster decisions, which will drive tangible impact on business and growth in China’s market.
“Akur8 brings innovative technology to our pricing process, helping us continue our drive for sophistication and enabling us to deliver high-quality products to our customers more efficiently, while ensuring the highest transparency and control .. We believe that the Akur8 solution will not only be a great asset to our team’s work across the value chain of pricing, but will also benefit our customers by providing higher customization and pricing targeted at a dynamic market. We look forward to partnering with Akur8 to unleash our full potential. ” said Scott Yin, Chief Pricing Officer and Chief Actuary at AXA Tianping.
“We are pleased to announce this partnership with AXA in China. AXA Tianping is a reputable and stable insurer, and we look forward to supporting its actuarial team in its approach to innovation and efficiency. Asia-Pacific has always been a strategic market for us. We have long built our presence there, in different countries and with different lines of business. This partnership is a great way for Akur8 to enter the Chinese P&C insurance market and strengthen its global relationship with AXA, ” added Samuel Falmagne, CEO of Akur8.
By entering into this synergistic partnership with Akur8, AXA Tianping demonstrates its firm commitment to adopting the best solutions and utilizing its global technological sophistication to support its local branches. AXA Tianping will continue to serve customers from all walks of life with a full range of specialized products and services in an efficient and optimal way, as a true partner throughout the course of their lives.
About AXA Tianping
A member of the AXA Group, AXA Tianping (registered in China as AXA Tianping Property & Casualty Insurance Co., Ltd.) is one of the largest and most diversified international insurers. AXA Tianping offers a comprehensive range of high quality customized products and services to meet the evolving needs of customers in the field of health and commercial insurance or P&C. The company currently serves more than three million individuals and business customers nationwide, and has 25 branches in 20 provinces of China. With a focus on healthcare, AXA Tianping now uses a customer-centric pay-to-partner approach in China, along with innovative technology and distribution, to empower customers to act on all aspects of their business. -everyday life. In 2019, China Banking and Insurance Information Technology Management (CBIT) recognized AXA Tianping’s services with an “AA” rating, the highest in the country. In 2021 the company was awarded The Insurance Brand of the Year at the 16th Annual Finance Summit of Asia and in 2020 it was honored with Insurance Asia’s “International General Insurer of the Year” award and also received an “A” rating from S&P Global Ratings in 2021 and 2020, reflecting the company’s strong global influence and strong commitment to the Chinese market. AXA Tianping first became a member of the AXA Group as a joint venture company in 2014, before becoming wholly owned in 2019. Based in Paris, France, AXA Group is now one of the leading insurance and asset management groups in the world. In 2021, it will be ranked 46th on the Fortune Global 500 list of the largest companies in the world. It has been present in China for over 20 years and offers a full range of insurance and protection solutions to its local and global clients.
Akur8 transforms insurance pricing using Transparent AI, empowering insurers ’pricing capabilities with unparalleled speed and accuracy throughout the pricing process, while maintaining transparency and control.
Our modular pricing platform automates the modeling of technical and commercial premiums. It allows insurers to calculate adjusted and accurate rates, in accordance with their business strategy, while having a positive impact on business and maintaining full control over the models created, as required by regulators around the world. . Akur8 offers 10x faster modeling, 10% more predictive models and the potential for 2-4% loss-to-premium improvement.
Akur8 already has more than 45 customers in more than 20 countries, including AXA, Generali and Munich Re, specialist insurers Canopius and Tokio Marine Kiln, insurtech Luko and Wakam, mutualists MAIF and Matmut, and the health insurer at AG2R LA MONDIALE. 700 actuaries use Akur8 daily to develop their pricing models for their individual and commercial P&C and Health lines.
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For AXA Tianping
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