Have you ever considered the potential locked in all the public information posted online? All those reviews, photos, complaints, and praises heaped on companies and favorite hang-out spots?
If you’re one of Planck’s customers, you don’t have to wonder because, to you, it’s invaluable insurance data that can transform your underwriting process.
Planck is an AI data platform that empowers insurance companies with instant and accurate data insights. Its team of expert data scientists uses big data from all publicly available sources to assist insurers by prefilling policy applications, improving the digital underwriting process, and compiling relevant, reliable, up to date data for the insurer to consider.
And Planck only requires a name and address in order to accomplish this underwriting transformation.
Operating solely with commercial and small to medium enterprises, Planck analyzes data from over 1,000 public sources in North America. After collecting all the information, the AI platform kicks in and begins to sort through the data and gather the most accurate, verifiable pieces for the insurer. These pieces are then used to answer all the questions an underwriter is looking to answer about a prospective client.
“In one case, the carrier, our client, had underwriters that took 7-9 minutes to write a policy. A human being can look at maybe one, two sources of data. Our platform will look at 1,000,” explained Planck’s General Manager Leandro DalleMule during a presentation at February’s Insurtech NYC event. DalleMule joined Planck at the end of 2018 after five years of serving as the Chief Data Officer & Head of Information Management at AIG.
Planck announced in 2018 that it had raised $12 million in a Series A funding round, led by Arbor Ventures. Just two months ago, the company announced a new partnership with Berkshire Hathaway GUARD Insurance Companies.
"What's unique about our partnership is GUARD's strategic, long-term vision about the value of dynamic, intelligent data platforms such as ours," said Planck Founder and CEO Elad Tsur. "With over 90 percent coverage and accuracy of underwriting insights provided by our platform, not only can insurers expedite submission-to-bind times, but they can also positively impact key profitability drivers such as loss ratios and retention rates."
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