The company plans to use the funding to accelerate its product development pipeline. Here are the top-line bullets you need to know.
Akur8, an insurtech firm that automates insurance pricing, has raised $30M in a Series B. The round drew participation from MTech Capital and BlackFin Capital Partners.
How’s the company performing?
- France-based Akur8 offers AI-based insurance pricing solutions that can enhance non-life insurers’ pricing processes by automating risk modeling.
- The company has more than 30 clients, including AXA, Canopius, and Tokio Marine Kiln.
- The platform is used daily by 350 users to optimize their pricing models across various products including personal and health insurance, commercial lines, and P&C.
- It has a strategic partnership with Xceedance and Duck Creek Technologies that allows it to deliver insurance solutions to providers.
Why does the market matter?
- The global insurtech market is projected to grow at a CAGR of 10.8% and reach a value of $10.1B by 2025, according to Mordor Intelligence.
- Q1’21 was a record quarter for insurtech investment activity. Startups raised over $2.5B across 146 deals.