Exakt
Build pricing models 10x faster
Enhanced quality insurance pricing
Exakt’s mission is to revolutionise the way insurance pricing is done in the industry. Through leveraging the power of machine learning, they increase the accuracy of pricing models while drastically reducing the time spent developing them. Their models enable users to maintain full control of the modelling process while automating away the mundane. Exakt’s platform increases modelling computing capabilities, provides detailed insights and improves user experience. They are setting out to build the best in class pricing software.
Insurtech Gateway led Exakt’s Pre-Seed round in November 2023.
Problem
Currently, the industry standard for insurance pricing is a very archaic and manual process. The model output is highly subjective, with the modelling process being very resource intensive and prone to errors. This results in model output that is very costly, lacks accuracy, is difficult to understand and is inflexible.
Solution
By leveraging the power of machine learning and the cloud, Exakt has created a platform that produces very accurate models fast. The models are transparent and editable, enhancing model understanding and flexibility. They enable multiple models to be fitted concurrently, track all changes and their impact, to provide quick and comprehensive outputs.
Exakt Founder
Kobus Rust (Founder) – Kobus holds degrees in Actuarial Science, Operations Research (Honours), and Data Science (Masters), equipping him with a unique perspective on applying data science to the actuarial field. He has extensive experience in the insurance industry and has spent the past few years working at startups. During this time, he has successfully led diverse teams, driven innovation, and delivered complex data-driven solutions.
He is joined by his teammates Nicus Bothma, an Actuarial Consultant, and Ernelene Jacobs, a Software Engineer. Nicus brings a wealth of expertise in insurance pricing, contributing valuable insights and precision to the team’s projects. Ernelene, with her background in software engineering, complements the team with her technical skills and innovative approach to developing robust software solutions under extreme pressure.
“I chose Insurtech Gateway to lead my pre-seed round as I wanted to gain access to the wealth of knowledge and expertise they possess within the insurance industry, as well as benefiting from the long established relationships they have within the market.”
Kobus Rust, Founder at Exakt
“Optimising pricing has been and will always be a top priority for carriers. Exakt uses Machine Learning to help offer transparent and fairer rates. Empowering carriers with the tools to accurately and dynamically price their products will help foster a more resilient industry. We are proud to back Kobus and are excited by his long-term vision.”
Don Nolan, Investment Manager at Insurtech Gateway