NEW YORK, March 15, 2022 (GLOBE NEWSWIRE) -- Today, Planck, the powerful AI platform transforming the commercial insurance industry, is unveiling a new product to help insurers identify high-potential prospects and markets that match their risk appetite. By using Planck’s Prospect Intelligence platform, carriers can reduce their customer acquisition cost, increase growth & expansion and improve the agent & customer experience.
Planck’s proprietary solution mines and collects billions of data points across the web, including public and government records and non-indexed sources, then applies deep-learning algorithms to produce the most accurate insights available. With real-time data and insights, insurers can identify prospects that meet their specific risk appetite and eligibility requirements, resulting in a pre-underwritten policyholder at the point of quoting, before it reaches underwriting.
“With Planck’s Prospect Intelligence platform, we enable companies to eliminate unqualified traffic, saving insurers and underwriters valuable time and money,” said Planck Co-Founder and CEO Elad Tsur. “Our deep learning algorithms, rich data insights and knowledge of the underwriting process are already dramatically improving our clients’ conversion and overall success rates.”
In a case study with a current mid-size commercial insurance carrier, Planck’s Prospect Intelligence product increased lead to quote submission rates from 23 percent with their traditional leads purchasing approach, to an astounding 98 percent. Planck's Prospect Intelligence platform also plays a significant role in driving advanced growth strategies that best match a carrier’s unique needs, including potential mergers and acquisitions, new product launches and geographic expansion.
Insurance companies across the world, such as Attune, Chubb and Republic Indemnity (Great American Insurance Group) along with Sompo in Japan are already benefiting from Planck's current offerings.
Planck’s product suite continues to grow in its ability to streamline underwriting and data information processes throughout the insurance continuum. Additional offerings are scheduled to roll out throughout 2022.
About Planck
Planck, an automated AI-based data platform for commercial insurance, has solved the industry's long-standing need for real-time accuracy and truth. Planck drives service and underwriting excellence by connecting insurers to the most up-to-date insights, with just a business name and address. Global carriers, MGAs and insurtechs leverage Planck’s holistic solution for customer acquisition and growth strategies, submission prefilling and validation, underwriting new business, renewing existing policies, premium auditing and more. The platform makes managing risk much faster and more predictable, resulting in increased written premium while reducing loss and expense ratios.
Planck was founded by a team of relentless entrepreneurs with extensive backgrounds in insurance and technology and has almost 100 employees globally. The company has raised $50 million to-date led by 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8 and Eight Roads.
For more information, visit www.planckdata.com.
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