Planck enables commercial insurers to increase written premiums while reducing expense and loss ratios.
Israeli AI insurance platform Planck has announced a $16 million series B financing round led by Team8 Capital, with participation from all existing investors Viola FinTech, Arbor Ventures, and Eight Roads, and new investors Nationwide and HDI Group. This brings to $28 million the total amount raised by Planck, which enables commercial insurers to increase written premiums while reducing expense and loss ratios.
Planck's customer base in the US is growing rapidly, and the new funds will allow the company to expand its customer base faster, and to support its global expansion and innovative product strategy.
Planck was founded in 2016 and is striving to transform the commercial insurance data space by providing an artificial intelligence (AI) driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck streamlines commercial underwriting processes, providing real-time data insights for all small and medium business segments across the US.
The company has offices in New York and Tel Aviv with 65 employees, of whom 50 are in Israel.
Planck's says that its technology has proven its ability to systematically outperform existing insurance books' accuracy and data completeness rates for many lines of business such as workers compensation, general liability, employment practices liability, commercial property and professional liability, in over 50 major business segments such as hospitality, restaurants and bars, construction, retail, manufacturing, and more.
Planck has been working with top US insurance groups such as Chubb, Great American Insurance Group's Republic Indemnity, AIG's Attune and others. With the new funding, the company plans to expand in the US and enter the German market in 2021.
Planck CEO and cofounder Elad Tsur said "Identifying the actual risk factors is the core of insurance. During times of rapid changes, real-time data is more crucial than ever."
He added, "Planck will continue its role as a catalyst for digital transformation initiatives on all fronts, so commercial insurers can reduce the time and resources invested in the submission, underwriting, audit and renewal processes; incorporate new indicative markers into their models; and above all, achieve a dramatic increase in data accuracy and completeness, all of which yields better business results.”
Team8 Capital managing partner Sarit Firon said, "We were very impressed by the depth of Planck's technology stack and its ability to highlight all related risk factors of a business in real time."