Planck provides an AI/ and machine-learning-driven platform that delivers real-time risk insights to commercial insurers to support underwriting decisions and automation. The platform is designed to streamline underwriting workflows, reduce manual errors, improve efficiency, and help carriers grow premiums while reducing loss ratios. Planck works with insurance carriers to automate underwriting processes and deliver faster, better-informed decisions. The company is pursuing geographic expansion into the Australian and New Zealand commercial insurance market through a partnership with IAG Firemark Ventures. Planck expects collaboration with regional leaders to enable embedding its technology within carrier brands and to broaden adoption across the insurance industry. The articles do not disclose Planck’s financial metrics or funding amounts. Planck provides an AI-powered data and analytics platform for commercial insurance that generates up-to-date insights from just a business name and address. Its platform supports carriers, MGAs and insurtechs with submission prefilling, prioritization, underwriting new business and renewals, premium auditing and other underwriting and service workflows. The company has launched products including an underwriting risk search engine and Prospect Intelligence to improve research and help carriers expand into new markets and lower acquisition costs. Planck plans to use the newly raised funds to develop complementary products and to continue geographic expansion. Customers include six of the top ten commercial insurance carriers in the U.S., and leading carriers in Europe and Japan. The company employs almost 100 people globally and is led by CEO Elad Tsur. Planck is an AI-based data platform for commercial insurance underwriting that aggregates online images, text, videos, reviews and public records into a searchable database. Its platform delivers real-time analytics to help insurers determine premiums, process claims, and provide faster quotes by simply entering a business’s name and address. The system covers more than 50 business segments, including restaurants, construction, retail and manufacturing, and serves dozens of U.S. commercial insurance companies, including more than half of the top-30 insurers. For example, Planck can surface details such as equipment, drugs prescribed and types of surgeries to inform underwriting for healthcare businesses. The company said it will use the new funding to build its U.S. team, expand into global markets and add products for new business segments, and has hired Ernie Feirer as head of U.S. business. Financially, Planck has raised $48 million to date, including a $16 million Series B announced in June 2020 and the new $20 million growth round. Planck is a New York–based AI data platform that provides insurance underwriting analytics to commercial insurers. Its platform ingests images, text, video, reviews and public records to generate risk insights from a business's name and address. Planck covers more than 50 major business segments and multiple insurance lines, and works with dozens of U.S. commercial insurers, including more than half of the top-30 — clients include Chubb, Republic Indemnity and AIG’s Attune. The company returns both simple insights (e.g., presence of ER operations) and complex signals (e.g., types of equipment or procedures) to inform underwriting. Planck says its real-time insights help carriers handle increased submission volume and operational changes during the COVID-19 pandemic. The startup was launched in 2016 by Elad Tsur, Cohen and David Schapiro and plans global expansion, beginning with Germany next year. Planck Re offers an AI-driven data platform that aggregates small and medium businesses’ digital footprints to produce detailed customer profiles for commercial underwriting. The platform uses open-web data‑mining and AI — including image processing and semantic analysis of unstructured data — to gather information from images, text, videos, social media and public records. Its goal is to streamline the commercial underwriting process by automatically and accurately completing onboarding questionnaires and generating insights that inform risk assessment. Planck Re reports that, based on pilots with several top-tier U.S. carriers, its platform automatically completes over 90% of the fields in onboarding questionnaires. The company was founded in 2016 and lists offices in New York and Tel-Aviv. It plans to initially focus on the U.S. commercial insurance market.

Total raised

$71M

Funding rounds

5

Latest round

Equity

Latest activity

Sep 2022