Akur8, an insurance pricing technology company, has released a five-phase roadmap designed to help insurers modernise their pricing operations without embarking on costly, large-scale system overhauls.
In a recent industry analysis, the Paris-based insurtech argues that pricing transformation should be approached as a gradual process rather than a one-time project, enabling insurers to improve speed, governance, and profitability through targeted changes implemented over time.
The guidance comes as insurers around the world face mounting pressure to accelerate product launches, respond more quickly to market shifts, and strengthen pricing accuracy in an increasingly competitive environment.
According to Akur8, many carriers, particularly managing general agents (MGAs) and regional insurers, still rely on fragmented datasets, spreadsheet-driven workflows, and legacy systems that make even routine pricing updates time-consuming and operationally complex.
“Insurance pricing modernisation does not need to be disruptive to be effective. With the right transformation roadmap, carriers can make steady progress, show results early, and build a pricing capability that supports long-term growth,” the company said.
Pricing becomes a strategic capability
The report notes that pricing is no longer just a technical actuarial exercise but a core business capability that affects underwriting performance, product competitiveness, and overall profitability.
When pricing systems are constrained by manual processes and poor data integration, insurers often experience delayed rate changes, reduced transparency, and higher operational risk.
Modernising pricing functions, the company said, can help insurers shorten pricing cycles, improve decision-making, and free actuarial teams to focus on strategic analysis rather than repetitive tasks.
Five phases to modernisation
The first phase of the roadmap calls for insurers to assess their current pricing environment. This includes reviewing data quality, model development processes, governance standards, approval workflows, documentation, and collaboration across actuarial, underwriting, compliance, and technology teams.
Akur8 said this step helps identify inefficiencies such as inconsistent version control, duplicated manual tasks, and weak audit trails that can slow pricing decisions.
The second phase focuses on selecting the most valuable and feasible areas for improvement.
Rather than attempting to modernise every aspect of the pricing function simultaneously, the report recommends targeting initiatives that can deliver immediate benefits, such as automating data preparation, reducing manual approvals, or improving documentation.
The third phase involves upgrading to a modern and modular pricing foundation. According to the analysis, insurers do not need to replace all legacy systems simultaneously. Instead, they can adopt new tools incrementally to strengthen model development, governance, and data connectivity while limiting operational disruption.
The fourth phase centres on reinforcing skills, governance, and cross-functional collaboration. Akur8 said pricing modernisation is more likely to succeed when insurers invest in staff training and improve collaboration among actuarial, underwriting, IT, and data teams. The report also stresses the importance of governance controls to ensure pricing decisions remain transparent, explainable, and aligned with regulatory expectations.
The final stage focuses on tracking operational improvements and scaling successful initiatives across the organisation.
Suggested metrics include pricing cycle times, the number of manual interventions, and the speed with which pricing teams can respond to market developments.
According to the report, clearly defined performance indicators can help insurers demonstrate the value of modernisation efforts and determine where further investment is warranted.
Akur8 emphasises that smaller insurers with limited resources can benefit significantly from phased modernisation. By prioritising manageable improvements, carriers can begin realising value without waiting for large budgets or extensive transformation programmes.
The company argues that early gains, such as improved documentation, streamlined approvals, or faster model updates, can build momentum for broader change.
Relevance for emerging markets
The roadmap is particularly relevant for insurers in emerging markets, including Nigeria, where many operators continue to depend on manual pricing processes and fragmented data systems.
As competition intensifies and regulators place greater emphasis on governance and risk management, insurers that modernise pricing capabilities are likely to gain an advantage through faster product development, more accurate underwriting, and stronger profitability.
Akur8’s analysis concludes that successful pricing transformation is less about adopting a single technology platform and more about following a structured roadmap that aligns people, processes, and systems over time.
For insurers seeking to improve responsiveness and strengthen underwriting discipline, the company noted that the most effective approach is to modernise in phases, measure results, and scale what works.
