Fri Sep 20 08:35:11 UTC 2024: ## Louisiana Workers’ Compensation Corporation Leverages AI to Enhance Underwriting

**Baton Rouge, LA -** The Louisiana Workers’ Compensation Corporation (LWCC), the state’s largest workers’ compensation carrier, has partnered with insurtech company Akur8 to enhance its predictive modeling capabilities. This collaboration will leverage Akur8’s machine learning (ML)-driven insurance pricing solution to provide LWCC with improved underwriting insights.

LWCC, a non-profit mutual insurance company insuring 20,000 policyholders annually, has chosen Akur8’s Core Platform solution to refine its predictive modeling framework. This framework plays a crucial role in their underwriting process.

“We are thrilled to partner with Akur8,” stated Angela McGhee, LWCC Chief Actuary. “Their intuitive and transparent models will help us build predictive models more quickly and accurately. We see a lot of potential for this partnership to drive better pricing decisions and support our growth initiatives.”

Akur8’s solution, specifically designed for insurers, utilizes proprietary ML technology to improve pricing processes. The platform offers several advantages for the Property & Casualty (P&C) insurance market, including faster model building, data-driven underwriting, and transparent Generalised Linear Model (GLM) outputs.

“Our advanced AI-powered pricing solution will empower LWCC’s team to achieve unprecedented levels of efficiency and accuracy in their pricing processes,” highlighted Samuel Falmagne, Akur8 CEO. “This aligns with their current growth initiatives and supports their commitment to innovation and superior service.”

This announcement comes on the heels of Akur8’s recent $120 million (€107.53 million) Series C funding round. The company plans to use these funds to enhance its insurance pricing platform and accelerate its global expansion plans. Akur8 currently serves over 250 clients in more than 40 countries, including major insurers like AXA, Generali, and Munich Re.

The partnership between LWCC and Akur8 demonstrates the growing trend of utilizing AI and advanced analytics to enhance the efficiency and accuracy of insurance underwriting. By leveraging Akur8’s technology, LWCC is positioned to make better pricing decisions, improve its service, and further strengthen its position in the Louisiana market.

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