Planck: AI Powered Data Platform for Commercial Insurance
Historically, data carriers provide static bulk data to insurers, leading to a one-size fits all underwriting approach. This approach prevents underwriters from extracting meaningful insights and perform comprehensive risk analyses.
Planck provides one platform that allows insurance carriers to view, assess and make key underwriting decisions. It provides real-time, dynamic data, empowering underwriters to customize insights, analyse risk exposure, streamline intakes, test hypotheses around historical claims, and drive growth strategies. Whether it is used to automate or complement decision-making, the platform transforms underwriting strategies through pre-built actuarial and underwriting models and customizable machine learning.
Planck’s business intelligence platform can be the core of commercial underwriting and risk decision making. Starting with the most accurate information collected in real time, its proprietary AI transforms billions of data points into actionable risk insights about a business. Insurance carriers can use these insights to make informed and efficient decisions across their operations business.
Using the numerous resources in the Planck platform, underwriters get hidden risk insights and actuaries make better informed decisions based on a complete risk profile to minimize premium leaks. Leveraging data from historical claims for hypothesis testing and more strategic thinking.
As a result, the rest of the business and client benefit as well. Agents receive pre-underwritten leads, reducing acquisition costs and increasing GWP. Marketing and product managers drive growth strategies for new markets more efficiently and segments and renewals are optimised through policy risk alerts. Clients benefit from a better customer experience through simplified intake processes and preliminary data.
How does it work?
Real-time, accurate data is the foundation of the Planck platform. Planck’s entity matching algorithm verifies the exact relationship to a business, their AI then processes all structured and unstructured data, leaving deep learning algorithms to spin the data into risk insights.
Carriers can create and manage insights through continuous feedback-loops that improve the insights and accuracy over time, directly in the platform. Using simple feedback buttons training and retraining of the AI models are as simple as one-click.
With just a business name and address, Planck’s AI evaluates billions of data points in real-time from across public records, government records, videos and images, social posts and non-indexed sources returning only relevant results in seconds.
Using proprietary artificial intelligence – including computer vision, natural language processing, unstructured data analysis and others, Planck interprets billions of data points about a business, and turns them into actionable insights.
Its machine learning algorithms are continuously trained on “gold data” verified pieces of information, to ensure the highest accuracy in the market. The result is hundreds of pre-packaged and customizable insights backed by evidence, which can be used across the insurance industry for strategic growth, improved underwriting, policy monitoring, and renewals.
Why did we select Planck for DIA Amsterdam 2022?
According to CB Insights “Insurance leaders are shifting more of their R&D budgets toward improving their risk assessment and rating models, focusing on novel technologies that can improve the efficiency and efficacy of this key underwriting process.” A big portion of these technologies are designed to either automate underwriting or empower underwriters to assess and make decisions for more complex cases.
At DIA Amsterdam Planck will show how it supercharges carriers to expand to new markets, accelerate submission time, improve customer experience, and reduce expenses via their no code solution. They will show underwriting use cases.
Who is Planck?
Planck was founded in 2016 by CEO Elad Tsur, Amir Cohen, and David Schapiro, three tech and insurance sector veterans. Elad Tsur is passionate about bridging the gap between technology and business – specifically in insurance and other financial services. With Planck, he has helped to create an AI-based data platform for commercial insurance that enables insurers to grow new and organic business while reducing their loss and expense ratios. Planck works with a number of insurance companies in the U.S.—including Attune (AIG), Republic Indemnity (Great American Insurance Group) and Chubb—as well as organizations in Europe and Japan (SOMPO). Its investors ($50 million raised until series B) are Team8, Arbor Ventures, Viola Fintech, Eight Roads, Nationwide, HDI, Greenfield, 3L Capital.
“Planck was founded on the principle that underwriters don’t just need data but the actionable insights around that data to empower them to transform”.Elad Tsur, CEO