NEW YORK, May 31, 2023 (GLOBE NEWSWIRE) -- Planck, the leading provider of AI-enhanced business risk data for commercial insurers, is proud to announce the integration of the latest generative pre-trained transformer (GPT) technology into its platform. Combined with Planck’s unparalleled real-time data collection, entity matching, image analysis, and insight generation, it allows commercial insurance carriers access to the most advanced AI-assisted underwriting in the world. Underwriters can ask any underwriting question to quickly analyze business-specific risk to provide more accurate quotes, reduce premium leakage, and open new opportunities with unprecedented data transparency.
Commercial underwriters face significant challenges when it comes to navigating business risk research. Commercial risk is more complex. It has become increasingly difficult and time-consuming for underwriters to gather and understand the information they need to make informed decisions. This is why the application of large language models (LLMs) like GPT provides such significant advancement to the practice of underwriting: it scales the underwriter’s ability to keep pace with and comprehend massive amounts of information.
Planck has spent years working with LLMs similar to GPT, and since 2022 specifically with GPT-type models. And while GPT is impressive on its own for less specific use cases, certain tasks like fact-checking, multimedia research, risk assessment, and gathering evidence require deeper capabilities. Planck’s proprietary AI provides GPT with context and focus for the unique applications and requirements of commercial insurance underwriting.
“Our mission at Planck has always been to empower commercial insurers with the tools and insights they need to navigate business risk effectively,” says Elad Tsur, co-founder and CEO of Planck. “The integration of the latest GPT models and other LLMs into our platform is a game-changer. The platform is truly greater than the sum of its parts.”
Planck allows underwriters to customize risk queries for unique perspectives and needs, and uncover even deeper insights through advanced language processing. And unlike black-box solutions, Planck provides evidence-based transparency, giving underwriters a clear understanding of the ‘why’ behind the insights to ensure full accountability.
“With Planck’s platform and the latest GPT, we are revolutionizing the underwriting process in commercial insurance,” says Shayna Tischler, VP of Product Development at Planck. “This integration significantly increases accuracy and consistency in data analysis. By providing improved risk assessments, better underwriting decisions, and the ability to ask any underwriting question, Planck represents a quantum leap forward that will lead to increased profitability and a distinct competitive advantage for commercial insurers.”
While GPT technology has gained widespread attention recently for its ability to enhance various industries, Planck has been operating at the forefront of AI application in commercial insurance for years. The integration of GPT technology in its platform is the result of extensive research and development by Planck's data engineers, who continue to develop the potential of this and other advanced machine learning algorithms for the commercial insurance industry.
About Planck
Planck is a leading provider of AI-enhanced business risk data for commercial insurers. Planck enables insurers to drive service and underwriting excellence by connecting the most up-to-date insights, with limited submission input. Global carriers, MGAs, and insurtechs leverage Planck’s holistic solution for customer acquisition and growth strategies, submission 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. The company has raised $73 million to-date led by 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8 and Eight Roads.
For more information, visit www.planckdata.com.
Media Contact
Joe Eisenhardt
773.835.5633
joe.eisenhardt@planckdata.com
