Open Lending Corporation announced a partnership with innovative insurance pricing solution provider Akur8 to complement its proprietary Lenders Protection?? platform. Akur8's ability to produce fast and accurate predictive insurance pricing models will build upon Open Lending's existing risk model, which can analyze 2 million borrower risk profiles and deliver a decision within five seconds or less.

Open Lending customers will be empowered to respond more quickly to increasingly dynamic market conditions and safely expand their automotive lending portfolios with competitive pricing and higher-yield opportunities. Vehicle accessibility is an ongoing challenge, especially among often-overlooked near- and non-prime borrowers, with 25% of this cohort paying over $600 monthly for a used car they purchased in 2023, up from the 8% who purchased one between 2020 and 2022, according to Open Lending's 2024 Vehicle Accessibility Report. For financial institutions to intelligently expand their borrower pool to include these reliable individuals while managing risk and increasing return on assets, many are seeking advanced data-driven decisioning to better identify borrower creditworthiness.