SYDNEY, Australia, April 12, 2023 (GLOBE NEWSWIRE) -- IAG Firemark Ventures, the corporate venture capital arm of IAG, the largest general insurer in Australia and New Zealand, announced today that it has invested in Planck, a global insurtech platform that provides real-time answers to underwriting questions to the global Commercial Insurance Industry. The investment is aimed at supporting Planck's global expansion into the Australian and New Zealand commercial insurance market, with a vision that the technology could potentially be embedded in IAG’s brands, CGU and NRMA.
Planck's cutting-edge technology utilizes artificial intelligence and machine learning algorithms to provide insurers with real-time risk insights that superpower underwriter’s efficiency and facilitate automation. The platform is designed to help insurance companies streamline their underwriting processes, reduce manual errors, and improve efficiency. By working with carriers in automating the underwriting process, Planck enables them to make better-informed decisions, reduce underwriting friction and grow premiums whilst reducing loss ratios.
“IAG Firemark Ventures investment in Planck is part of IAG’s ongoing commitment to innovation and technology,” said IAG Firemark Ventures General Partner Scott Gunther.
“The investment will enable Planck to further develop its underwriting automation services in the Australian and New Zealand commercial insurance market, providing IAG with a competitive advantage in the industry.
"Planck’s proven technology and demonstrated success with other global insurance carriers, could also potentially provide IAG with real time risk insights that could revolutionize our underwriting processes and drive efficiency for our business. Having a better understanding of our customers’ risks will lead to improved insurance and risk solutions for commercial customers in our markets.”
“Planck is excited to partner with IAG to expand our underwriting automation operations in the Australian commercial insurance market," said Elad Tsur, CEO of Planck. “Our cutting-edge technology will help IAG and other insurers in Australia to improve their underwriting process, reduce manual errors, and improve efficiency. As Planck has accomplished in other countries, collaboration with leaders in a region, such as IAG, enables us to deliver innovative solutions that will benefit the entire insurance industry."
About IAG
IAG is the parent company of a general insurance group with operations in Australia and New Zealand. IAG’s main businesses underwrite over $13 billion of insurance premium per annum under many leading brands, including: NRMA Insurance, RACV (under a distribution agreement with RACV), CGU, SGIO, SGIC and WFI (Australia); and NZI, State, AMI and Lumley (New Zealand). For further information, please visit www.iag.com.au
About Planck
Planck is a global insurtech platform that provides unprecedented underwriting insights and, underwriting automation services to insurance companies. The platform utilizes artificial intelligence and machine learning algorithms to provide real-time data analysis and risk assessments, enabling insurers to make better-informed decisions and streamline processes. Planck's cutting-edge technology streamlines the underwriting process, reducing manual errors and improving efficiency. Planck is committed to helping insurers stay competitive by providing innovative solutions that improve their overall business performance.
Contact Information:
IAG - Media Relations
Katherine Jimenez
M: 0411 011 117
E: katherine.jimenez@iag.com.au
Planck - Media Relations
Joel Lagan
Planck Resolution Ltd.
Head of Marketing & Business Development
joel.lagan@planckdata.com
