Insurance pricing platform Akur8 has raised $US120 million ($176 million), including further backing from previous investor Guidewire Software.

Paris-based Akur8 is an actuarial platform that uses proprietary machine learning algorithms to speed insurer pricing and make it more accurate, while ensuring full transparency, auditability and control over the models created.  

Akur8 says more than 3000 actuaries use it to build pricing models and reserving projections across all lines of business. Customers include Axa, Generali, Munich Re, Mapfre, HDI and Tokio Marine.

The business plans to target new market segments and “bridge the gap between reserving and pricing” by developing an Akur8 Reserving platform.

“We are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally,” CEO and co-founder Samuel Falmagne said.

The latest funding round was led by One Peak, with managing partner Humbert de Liedekerke Beaufort hailing Akur8’s interface, ease of deployment and “reputation among the world’s leading insurers”.

Partners Group, another Akur8 investor, says the platform “benefits from the increasing push for sophistication among insurers and from the growing adoption of new technologies”.