Transparent Machine Learning Applications in Tariffed and Detariffing Insurance Markets

Name: Akur8
Brand: Akur8
Rating: 4.9 (16 reviews)

Modeling techniques have advanced significantly in recent decades, driven by innovative algorithms and growing computational power. The insurance industry is no exception, with new trends rapidly influencing markets worldwide. As expected, less regulated markets were the early adopters of these advanced approaches. But now, even traditionally regulated environments — such as tariffed markets with fixed prices for certain products or coverages, and those undergoing detariffication, where tariffs remain but regulations are evolving towards more flexibility — are beginning to embrace greater flexibility and adopt more modern modeling practices. This is particularly relevant in the Asia-Pacific region, where motor and property insurance often operate within highly regulated environments. Similarly, many markets around the world face restrictions on pricing decisions for ethically sensitive insurance products, such as health insurance or mandatory insurance lines. It’s often assumed that advanced modeling techniques are incompatible with highly regulated markets. This perception arises both from the fact that certain actuarial practices commonly used in other markets cannot be directly applied in these settings, and from concerns that increased modeling sophistication leads to a “black-box” effect. This white paper explores how transparent machine learning can be effectively applied within regulatory constraints, particularly in cases where insights from risk models can’t be directly reflected in pricing due to regulatory limits.

Akur8 white paper: Transparent Machine Learning Applications in Tariffed and Detariffing Insurance Markets

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TERMS OF USE OF THE PAPER “ANALYSIS OF AKUR8 PRICING SOLUTION AND METHODOLOGY” (“Terms of Use”)

‍In the context of Akur8’s and Milliman’s strategic alliance to provide AI-driven pricing solutions to insurers, Akur8 has engaged Milliman to analyse Akur8’s pricing solution and methodology (“Akur8 Tool”). Milliman’s Paper “Analysis of Akur8 pricing solution and methodology” (the “Paper”) provides a general opinion on the relevance of the modelling choices made by the Akur8 Tool in the context of non-life insurance pricing.Milliman is hereafter referred to as “we” and the readers of the Paper as “you”.

‍RESTRICTIONS
DistributionYou are not allowed to distribute or disclose all or part of the Paper to any third party whatsoever, without Milliman’s prior written consent, which may be given at their sole discretion.No Use of Milliman nameYou agree not to use and/or refer to Milliman’s name and/or trademarks directly or indirectly in any communication with any third party without Milliman’s prior written consent, which consent shall be required for each use or disclosure and shall be granted only at Milliman’s sole discretion.
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‍RESERVATION
Absence of Commitment
‍Any judgement on the elements contained in the Paper should be made only after studying the document in its entirety. Any conclusions drawn from one or more sections taken in isolation may be incorrect.The Paper is intended to be used by persons with certain levels of expertise in the areas covered and for the purposes stated. Any reader of the Paper should have a certain level of expertise in the areas related to this analysis, in order to appreciate the significance of the assumptions made and the impact of those assumptions on the results obtained.We recommend that any reader be assisted in reviewing the Paper by a qualified professional to ensure that our findings and recommendations have been understood.The Paper has been commissioned by and prepared for the exclusive use of Akur8, in accordance with the terms of our engagement letter. We make no commitment to third parties and shall not be liable for any use by a third party of an opinion or more generally for the use by such third party of the results included in the Paper. Milliman does not intend to benefit or create any legal obligation to any third-party recipient of its work.‍
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‍Any right not expressly granted to you in these Terms of Use remains the right of Milliman and Akur8. Using the Paper under the conditions set forth in the section “Restrictions” does not give you ownership of any intellectual property rights in the content you access (including any branding used in the Paper)

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