NEW YORK – Planck, a leading AI-powered business intelligence platform, unveiled a new risk search engine built specifically for commercial insurance research.
Planck's newly developed risk search engine solves for the shortcomings of traditional research methods, which are ineffective and time consuming. Relevant answers are often buried or simply do not exist in the public sphere. The proprietary solution returns real-time results mined from billions of public sources and unindexed government records. Accessible via an on-demand web application or API integration, the complete and up-to-date digital presence of a business is returned in aggregate.
Underwriters no longer need to spend hours of valuable time reading endless pages of information meant for everyday consumers, said Noa Kalechstain, Vice President of Product Strategy at Planck. Planck is the only platform that provides the focused, relevant web results they need about the businesses they write”with just a single search query.
Results can be sorted by source type, including a map outlining additional geospatial risk data. Further refinement capabilities are built-in to enable underwriters to filter within the offered results and uncover answers to their specific underwriting questions.
Our platform is built to understand risk and go beyond basic, firmographic business data. This streamlined access to vital information empowers insurers with a complete picture of a business to make critical underwriting decisions quickly and accurately so they can pivot to the more complicated challenges, Kalechstain stated.
With the embedded feedback feature, users can easily train the returned insights to inform their individual search engine algorithm models and ensure future results are prioritized based on the insurer’s specific needs. The out-of-the-box risk search engine is available today and can be onboarded quickly for both new and existing customers.
Top insurance companies in the US, Europe and Japan are already benefiting from Planck's offerings, such as Attune, Chubb, Republic Indemnity (Great American Insurance Group) and Sompo.
The suite of benefits from Planck continues to grow and additional products are scheduled to launch throughout 2022.
About Planck
Planck, an automated AI-powered data platform for commercial insurance, has solved the industry’s long-standing need for real-time accuracy and truth. Planck enables insurers to drive service and underwriting excellence by connecting 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.
