Planck Overview
Planck is a commercial insurance data platform that enables insurers to instantly and accurately underwrite any business. The companys technology platform aggregates and mines massive data sets, using artificial intelligence to automatically generate and deliver key insights customized to the commercial underwriting process. The end result is a frictionless underwriting process with greater insurer visibility into risk factors, leading to improved new business conversion and retention rates and lower loss ratios.
Cumulative Funding Raised Over Time ($)
Latest News
growth-positive
Applied Systems buys Israeli AI insurtech co Planck
US software company Applied Systems is acquiring Israeli AI insurtech firm Planck for an estimated $200 to $500 million. Plancks AI-based platform gathers open-source business data for commercial insurance companies worldwide, helping to assess risk levels, promote underwriting processes, and increase premiums while reducing costs. The acquisition marks Applied Systems first investment in the Israeli market. All of Plancks employees will join Applied Systems, with the founders joining the management team. A local development center will be set up to further develop Plancks AI product and build other AI-based products for Applied Systems.
Acquisition
Planck Launches the First GenAI-Enhanced Underwriting Workbench
growth-positive
Planck Raises $71M to Date to Expand its First-to-Market Cognitive Business Analytics Platform
Planck, an AI-powered data and analytics platform for commercial insurers, has closed a $23 million funding round led by Vintage Investment Partners. The funding brings the companys total to $71 million and will be used to continue developing products that complement the platform and expand geographically. Plancks solutions, such as its underwriting risk search engine and Prospect Intelligence, have already benefited top commercial insurance carriers in the US, Europe, and Japan. The funding round demonstrates the value and necessity of Plancks platform, which provides real-time and accurate insights to insurers, enabling them to improve their customer experience, operations, and bottom line.
Investment
growth-positive
Israel's Planck partners with Japanese insurance company Sompo
Planck, an Israel-based insurtech company, has entered a collaboration with Sompo, Japans second-largest insurance company. Planck will help Sompo automate commercial insurance underwriting for its 30 million customers using its AI-based solution. The collaboration marks Plancks entrance into the Japanese market. The partnership is expected to improve quote to submission time and increase accuracy by reducing manual efforts. Plancks platform gathers publicly available data about businesses, applies machine learning, and helps assess risk levels. Sompo will be the first company in Japan to leverage the platform, estimated to save them $140 million in annual operational expenses. The collaboration was led by Sompos digital lab in Tel Aviv, which has been investing in Israeli startups and has so far invested $20 million.
Partners
growth-positive
Israel's Planck Raises $20M For Its AI-Based Data Platform
Israeli AI-based data platform for commercial insurance, Planck, has raised an additional $20 million in funding. The new investors include 3L Capital and Greenfield Partners, along with existing investors. This brings the total amount raised by Planck to $48 million. The funding will be used to build a US team and expand globally to EMEA, APAC, and the UK. Plancks platform uses AI to generate risk-related insights for insurers using various data sources. The company provides insurance-related data insights and analytics for over 50 business segments and multiple insurance lines. The expansion aims to target regions open to digital innovation.
InvestmentExpand
| Sector | Fintech & Insurtech |
Funding
| Total funding | $71M |
| Last funding | $23M |
| Stage | Acquired |
| Rounds | 4 |
| Investors | 10 |
Team Members
4
Employees: 51-200
Web & Social Links
| Website | www.planckdata.com |
| Careers | Careers page |
Locations
Arania Osvaldo St 29, Tel Aviv-Yafo, Israel
Haifa, Israel
340 Madison Ave, New York, New York, NY 10173, USA
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