Akur8 Named to the 2022 CB Insights Insurtech Top 50 List of Most Innovative Insurtech Startups
The 2022 Insurtech 50 cohort has raised over $11B from approximately 400 disclosed investors, across 215 equity deals, since 2017 (as of 6/10/22). In 2021 alone, companies from this cohort raised over $5.5B across 55 deals.
“The companies in our inaugural Insurtech 50 have built and harnessed new technologies to improve all aspects of the insurance value chain, from customer acquisition to underwriting and claims for a variety of different insurance products,” said Brian Lee, SVP of CB Insights’ Intelligence Unit. “Together they are accelerating innovation across an industry that directly impacts human health and well-being.”
“Akur8 is thrilled to be included in CB Insights “Insurtech 50” list as one of the most innovative insurtech startups in 2022! Our insurance pricing platform offers an innovative approach to incorporating data science in the ratemaking process. By successfully automating critical steps in the predictive modeling process, we significantly reduce time-to-market while still maintaining high levels of precision and transparency. All of which creates a powerful offering for insurance organizations worldwide.” said Samuel Falmagne, CEO at Akur8.
Using the CB Insights platform, the research team picked these 50 private market vendors from a pool of over 2,000 companies, including applicants and nominees. They were chosen based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. The research team also reviewed hundreds of Analyst Briefings submitted by applicants.
Specifically developed for insurers, Akur8’s solution enhances pricing processes by automating risk modeling using proprietary transparent ML technology. Core benefits for insurers include increased efficiency and speed-to-insights for faster data discovery and evaluation, and advanced predictive modeling capabilities with even small, noisy datasets paving the way towards data-driven underwriting, all while maintaining full transparency and control of the models created.
2022 Insurtech 50 Investment Highlights:
- Global representation: This year’s winners represent ten different countries across the globe. Thirty-one of the selected companies are headquartered in the US. The United Kingdom came in second with five winners, followed closely by France with four winners and India with three. Other countries home to a winner/winners on this year’s list include Germany, the Netherlands, Switzerland, Singapore, Chile, and Australia.
- Early-stage Innovation: Fourteen of the winners are Series A or Series B companies with promising product ideas, from accelerating claims management to creating parametric insurance for climate change-related perils.
- Unicorns: This year’s list includes twenty unicorns with a $1B+ valuation.
For those wanting to learn more about the Insurtech 50 and the selection process, please register for the webinar, Behind the Scenes of the Insurtech 50, on June 15, 2022 at 2:00 pm EST.
Akur8 already serves 50+ customers across 20+ countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS); specialty insurer Canopius and MGA Bass Underwriters; consulting partners Xceedance and Perr & Knight; and insurtechs Bought by Many and wefox. Over 700 actuaries use Akur8 daily to build their pricing models across all lines of business. Akur8’s strategic partnerships include Milliman, Duck Creek, Guidewire and Sapiens.
Akur8 recently completed a new scientific paper on Credibility and Penalized Regression. Click here to learn more: https://bit.ly/Akur8-Credibility-and-Penalized-Regression
About CB Insights
CB Insights builds software that enables the world’s best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
CB Insights Press Contact