Digital Insurance Agenda

Planck: Real-time data insights to instantly and accurately underwrite any business

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Nov 23, 2022

Planck offers a commercial insurance data platform that allows insurers to instantly and accurately underwrite any business. By using the latest techniques in AI, they can automatically generate and deliver real-time data insights customized to the commercial underwriting process. With their solution, they aim to improve new business conversion and retention rates, as well as lower loss ratios. The end goal is to empower insurers to focus on underwriting that truly requires human expertise.

How does it work?

Planck’s platform is the PWA: Planck Web Application. This is a user interface that insurers can deploy on day one. An insurance carrier sets up a customizable set of insights that they’d like to see, such as risk factors. Does a certain business serve liquor? Are they open 24 hours a day? – It can be any kind of red flag. Planck has up to 800 insights in production today. They are also delivering real-time NAICS codes, so they’ll deliver the full six-digit NAICS codes with a description and a confidence level. Planck also has confidence levels on over 100 of their other insights today.

The interface is going to deliver things such as the actual link to the government source where Planck obtains that information. You’ll see things like liquor information, Occupational Safety and Health Administration (OSHA) violations, workplace violations, wage-hour compliance violations, and more. Planck also provides an interactive map that’s going to help with things like workers comp information and information about the surrounding risks. How close are they to the fire department? How close are they to the nearest hospital? The insurance carrier can decide on the number of insights they’d like to see, with up to 100 insights allowed.

In their proprietary search engine tool called SAGA, Planck compiles all the information that’s utilized within their models. The underwriter does not have to use any additional source of information. All the information is right there in SAGA, as part of the user interface tool, and available on any individual risk. Some of the elements available to insurers: 1. A separate link so underwriters can go right into the specific government source to verify the information. 2. A more detailed look at the map: this map can be customized to add things like distance to the coast, fire risk hazards, and other additional information past the hospital and fire station in the first map. 3. Imagery: Planck gets a lot of its information from images on the web. This way, it is able to determine if, for example, a certain restaurant has a bar, if they have a pool table, and if they have live music. 4. Planck uses natural language processing as well, to search for information about risks for example based on reviews.

Within the user interface tool, insurers can also submit a batch of businesses. They can then go into the “Insights Mapping Tool” to determine, based on their underwriting guidelines and their criteria, which insights they want to see. For example, if it’s a contractor or a restaurant and they can decide how many insights they want to see for each business. Planck can actually customize each one of those insights depending on an underwriter’s needs and depending on that carrier’s guidelines. This way, carriers can create their own lists and their own questions, which in turn helps to further tune the model. Depending on the use case, some insurance carriers are concerned more with the coverage, but in other cases, accuracy may be the primary concern, for example, if it’s a specific insight that is being used for pricing or eligibility.

In “Future Insights and Packages” insurers can view new programs or types of packages. Planck can typically deliver a new program, a new package, or new insight within a month for that carrier, depending on if it’s within scope. Again, it allows a carrier to pick and choose which insights they would want based on their needs or their application questions.

Why did we choose Planck for DIA Munich 2022?

Planck enables insurance carriers to easily access and customize the information that insurers typically had to collect from multiple sources or on the Web. Planck combines this information with their models and fine-tunes it to meet insurance carriers’ needs so that they can improve their underwriting workflow.

Who is Planck?

Planck was founded six years ago and is based in Tel Aviv and the US. Planck has about 100 employees and most of its carriers are also located in the US. They have recently expanded to Japan, the UK, and Germany.

Planck is an artificial intelligence platform that enables insurance carriers to transform their underwriting workflow. By simply passing Planck a business name, and an address, Planck delivers customizable insights to allow an insurance carrier to better understand the risk that they’re underwriting. They work to improve the overall experience for the insurance carrier, ultimately improving their loss ratio.

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
Barcelona 27 - 29 June 2023

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