ICMIF member Portage Mutual (Canada) has selected a new AI-powered pricing platform to modernise its actuarial capabilities, supporting faster model development and enhanced pricing insights across its personal lines insurance portfolio.

The Canadian mutual insurer has chosen Akur8’s pricing platform as part of its ongoing commitment to innovation and operational excellence, with the technology initially being deployed across its home and auto insurance businesses.

Founded in 1884 and headquartered in Portage la Prairie, Manitoba, Portage Mutual serves policyholders across eight Canadian provinces through a network of more than 600 insurance brokerages. The investment in new pricing technology is intended to strengthen the insurer’s ability to develop sophisticated pricing models more efficiently while maintaining transparency and supporting data-driven decision-making.

Ryan Cheung, Director of Actuarial Pricing at Portage Mutual, said the new platform had already demonstrated significant benefits during the pilot phase.

“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.”

By enabling actuarial teams to develop pricing models more quickly and generate transparent, explainable insights, the platform is expected to support more efficient pricing processes while strengthening the organisation’s ability to respond to changing market conditions.

The implementation reflects Portage Mutual’s continued investment in technology that supports its long-term strategy of delivering high-quality, customer-focused insurance solutions while remaining true to the mutual values that have guided the organisation for more than 140 years.