Portage Mutual, a leading property and casualty mutual insurer serving Canada's Prairie Provinces, has chosen AI-driven actuarial platform Akur8 to modernise its pricing model development across its personal lines portfolio.
The deployment will initially cover Home and Auto lines of business, with scope to expand into further lines as the relationship develops. Akur8's platform will give Portage Mutual's actuarial teams the ability to construct sophisticated pricing models at a significantly faster pace, while also delivering transparent and explainable outputs that can be shared across stakeholders.
Akur8's pricing technology is built specifically for insurers and uses proprietary machine-learning to enhance core pricing processes. The platform is designed to accelerate model building, improve the quality of data-driven decisions, and provide greater clarity in actuarial outputs.
Established in 1884 and based in Portage la Prairie, Manitoba, Portage Mutual has grown into a well-regarded community-focused insurer operating across eight Canadian provinces through a network of more than 600 professional insurance brokerages.
Akur8 is a global actuarial AI platform serving more than 350 customers across 40+ countries, spanning both property and casualty and life and annuity markets. Its client base includes major carriers such as AXA, Generali, Munich Re, Europ Assistance, Tokio Marine and MS&AD, as well as a range of personal, commercial and specialty insurers.
More than 3,000 actuaries rely on the platform daily for pricing model development and reserving projections across all lines of business.
Portage Mutual director of actuarial pricing Ryan Cheung said, 'From the very first weeks of our pilot, Akur8 proved to be a genuine game-changer for our actuarial teams. Sophisticated models that previously took days to build can now be completed in hours, particularly for geospatial analysis. We also gained strong confidence in Akur8's rating capabilities across both our Home and Auto portfolios. We are excited about what this partnership will deliver for our pricing operations and, ultimately, for the policyholders we serve across Canada.'
Akur8 CEO Samuel Falmagne said, 'We are proud to welcome Portage Mutual as a partner. Their commitment to delivering accurate, responsive, and community-centered insurance solutions resonates deeply with Akur8's mission. By leveraging our pricing platform, Portage Mutual will gain the speed and sophistication needed to stay ahead on the Canadian market.'