Indiana Farm Bureau Insurance partners with AI-driven pricing platform

Akur8, an InsurTech firm specializing in insurance pricing and reserving solutions, has announced a strategic partnership with Indiana Farm Bureau Insurance, a provider of property and casualty insurance in Indiana. According to their press release, this collaboration aims to accelerate the development of pricing models and provide transparent, explainable outputs using Akur8’s machine learning technology. 

The integration of Akur8’s AI-powered platform is described in the company’s announcement as enhancing Indiana Farm Bureau Insurance’s access to actionable insights, state-specific pricing analysis, and capabilities for simulating rate changes at the coverage level. These improvements are intended to help the insurer identify underperforming segments and assess their financial impact, supporting optimized pricing strategies.

Samuel Falmagne, Akur8’s CEO, stated in the press release that Akur8’s solution will streamline Indiana Farm Bureau Insurance’s pricing process, enabling their team to identify opportunities and forecast impacts with precision, while maintaining the service and support the insurer is known for. Brune de Linares, Akur8’s Chief Client Officer, added that this engagement highlights Akur8’s role as a trusted solution for insurers across various sectors.

Brian Poole, Executive Director and Chief Actuary at Indiana Farm Bureau Insurance, is quoted as saying, “With rapid model development, state-specific insights, and the ability to simulate rate changes at the coverage level, we can quickly pinpoint underperforming segments and assess their financial impact. Akur8’s transparent, intuitive outputs make it easy to share insights with stakeholders, and their ongoing support has been invaluable. We look forward to working with the Akur8 team”

This partnership is described by Akur8 as part of a broader industry trend, with regional and national insurers increasingly adopting AI-driven pricing technologies to enhance efficiency and accuracy. Akur8 has announced similar collaborations with other insurers in the United States, including Farm Bureau Insurance Company of Idaho, NEXT Insurance, Madison Mutual Insurance Company, Ohio Mutual Insurance Group, and Mutual Capital Analytics. These partnerships, according to company press releases, focus on accelerating model building, improving predictive analytics, and enabling more sophisticated rate reviews.

As insurers seek to leverage data and technology for competitive advantage, Akur8’s AI-powered pricing solutions are positioned by the company as supporting the transformation of traditional actuarial practices. The company emphasizes the importance of transparency and explainability in AI applications, aiming to deliver precise forecasts and maintain stakeholder trust.

The partnership reflects a broader shift in the insurance industry toward advanced technologies for operational and financial improvement.